401k Rollover

Leaving Your Job?  Take Your 401(k) Retirement Savings with You

If you are leaving your job for an exciting new promotion, or to venture into the world of self-employment, you might be wondering what happens to your previous 401(k).  You have the option to take it in cash, but that will result in a 20% mandatory tax withholding fee and a 10% early withdrawal penalty if you are under the age of 60.  In addition, you also have to pay ordinary income tax on the funds you receive.  

These penalties are designed to encourage saving this money for your retirement years.

By electing to rollover your 401(k) into a traditional IRA:

  • You get to keep your money tax free until you withdraw it from your IRA.
  • You have the freedom to invest the funds wherever and however you choose.
  • Multiple 401(k)s, can be consolidated into one easier-to-manage account.

Take Control with an IRA Rollover

Your 401(k) has a number of investments to choose from, but there may be better investments available on the market.  Fees charged by companies managing 401(k)s can be eliminated by rolling  funds over into a traditional IRA.  

A traditional IRA allows total investment freedom, making their management much easier.  

The most common reasons for electing an IRA rollover include:

  • A new job
  • Lack of a retirement plan
  • Divesting stock in a former employer

Core Benefits Group Helps You Perform the Rollover 

Moving your funds from a 401(k) to a traditional IRA involves hours of dull paperwork – probably not your idea of a good time.  At Core Benefits Group, we take care of all the monotonous details for you, so you can focus on what you want – doing your job and enjoying life.  

Our goal is to build long term relationships with each and every one of our clients.  We’ll help you identify only the insurance products and services you need that fit within your personal budget. And if you have any questions about any product at any point, feel free to ask our friendly agents. 


Get your FREE 401(k) rollover quote today!