Why a rollover account?
If you leave a company’s employment and have a 401(k) plan, and are not yet 59 1/2 years old, you should take time to consider what to do with your funds. If you don’t handle your 401(k) account correctly, you could incur unwanted taxes and penalties.
Our CFS* Financial Advisors can assist with an IRA rollover by helping you develop an investment plan that meets your needs; assist with the paperwork for your 401(k) rollover; and, if needed, contact your retirement plan sponsor to move your eligible retirement plan assets.
Your 401(k) provides a powerful benefit: tax-deferred growth of earnings. When you properly rollover your 401(k) to an IRA/ Rollover account, you continue its tax deferral benefit.
And, since you don’t need to pay income taxes on any potential gains earned by your IRA/rollover accounts until you withdraw them at retirement, your retirement savings can grow faster than a regular taxable account.
If you would like to learn more about a 401(k) rollover, or have other retirement plan questions, please contact a CFS* Financial Advisor at Consumers for a complimentary consultation.
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC) and SEC Registered Investment Advisor. Products offered through CFS: are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. (The Credit Union or Consumers Credit Union) has contracted with CFS to make non-deposit investment products and services available to credit union members. For specific tax advice, please consult a qualified tax professional.