Change jobs? Job Loss? Retirement? 4 Things to know about your 401(k) and much more.....
If we have learned anything at all lately, it is that life is constantly changing. That is a fact. Few life events are more stressful than a job loss. It is never easy when life throws you a curve ball. But, what we do next and how we respond is very important.
If you or someone you know is in this situation due to COVID-19 or just having a major transition, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also be wondering, “What should I do with my 401(k)?” That is where Rockwall Wealth Advisors is here to help!
People leaving an employer typically have four options with their 401(k) retirement plan, but it’s not an all-or-nothing decision. Depending on your situation, it may be possible to engage in a combination of these options:
Leave the money in your former employer’s plan, if permitted
Roll the assets over to your new employer’s plan, if one is available and rollovers are permitted
Roll the assets into an Individual Retirement Account (IRA)
Cash out the account value (keep taxes in mind)
Each choice offers advantages and disadvantages. If you are uncertain what action to take with your retirement accounts, please reach out to Rockwall Wealth Advisors today. Over the years, I have found the best financial decisions are the ones that consider all available options.
You also may have heard that the CARES Act and some other options that are designed to benefit those in need.
If you have questions about what rules apply, you may want to get in touch with your former employer’s human resource team.
As always, we am here to help, too. Call or email your trusted financial professional now. Rockwall Wealth Advisors offer for a free consultation/strategy session of your unique situation. Feel free to schedule a time by clicking here : Schedule a time to chat
Best,
Gerald Hendrik CDFA® - Financial Advisor
Owner- Rockwall Wealth Advisors
E: Gerald@RockwallWealthAdvisors.com
P: 214-923-5237
Note: This should not be taken as direct advice and is for informational purposes only. Everyone’s situation is unique and you should consult with a trusted profession
