How do you collect your retirement savings plan?
Question by Nicole W: How do you collect your retirement savings plan?
After leaving employment, how do you collect your retirement savings plan or 401K? how long does it take to collect it?
Best answer:
Answer by Rick B
You don’t unless you have reached retirement age!
Y ou either leave it alone, or roll it over into an IRA. You do still intened to retire someday, right? You don’t really want to pay taxes and penalties that will eat up almost half of that money do you?
Add your own answer in the comments!
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Generally, you roll a 401(k) over into an IRA, then take distributions as you need them.
You contact the human resources department at you last employer and complete the needed paper work – their accounting and year end calculations my postpone payout for 6 months, but they should be able to tell you all you need to know.
You have a few choices to make. 1. You could leave your 401k at your previous employer but you can no longer contribute and they may start charging you, I would advise against this option. 2. You may be able to rollover your 401k into your new employer plan but that depends on the new companies policy. 3. You could take the cash, and depending on your age may have an early withdrawal penalty before 59 1/2 and be liable for taxes if you are over 59 1/2 or under. Unless it is a ROTH 401k. 4. The best option is to rollover your 401k into an IRA at your bank or through a broker you may have other investments with. In an IRA you have more options on what investments you can own. I would advise getting in contact with a investment advisor before you do anything.