Changing Jobs or Retiring?

If you are in the process of changing jobs or retiring, deciding what to do with your 401(k) and other items typically offered through your employer (life, health, and disability insurance) are critical financial issues you’ll face. We can help you analyze your options for all of these items so that you can make an informed decision on each.

Regarding your 401(k), here are four options that are traditionally presented to workers in transition, along with some questions that you’ll want to consider.

1. Leave the money with the previous employer.  Are you satisfied as you think you are with the plan’s investment choices and overall expenses associated with it?  Are there restrictions that may not be best for your situation after you leave?  We’ll review the specifics of your plan with you and help you make an informed choice.

 2. Move the money to your new employer's retirement plan.   What are the new plan’s investment options and costs?    We’ll help you analyze what’s at stake so that you can determine the course that’s best for you and your family.

3. Roll the money into a Traditional or Roth IRA.  What makes this the most common recommendation?    Is a Traditional or Roth IRA best for you?   Will it give you the flexibility you may need?  We can help design an IRA strategy that best meets your investment goals.

4. Take a cash distribution.   Why is this choice recommended only when faced with tremendous hardship?  What are the tax drawbacks?   When will I know if I need to consider this option?  We can offer an assessment and plan a strategy in difficult times.  

To explore your options for your retirement account, as well the replacement options for your life, health, and disability insurance and any other benefits you may have been receiving from your employer, please call us at  248-608-3280 to schedule a free introductory consultation.