Changing jobs? Nearing retirement? Open a direct Rollover IRA
If you are changing jobs or retiring soon, you have an important decision to make: What to do with the lump sum distribution from your employer-sponsored retirement plan? Taking your money in cash can be tempting but it can also mean paying up to 40% in penalties and taxes, and losing out on the continued benefits of tax-deferred growth. Leaving your money where it is may be an option but you are likely to have access to limited investment opportunities and you won't be able to make future contributions to your plan.
As a result, moving your assets into a Rollover IRA with Equitable may be an attractive option since it allows you to:
- Not subject to taxes until you withdraw your money.
- Help protect your retirement savings from early withdrawal penalties and backup withholding taxes.
- Potentially accumulate earnings on a tax-advantaged basis.
- Take advantage of a wide selection of investment opportunities.
A direct rollover to a Traditional IRA is simple and straightforward. Please consult with one of our Retirement Program Specialists by calling 1-800-523-1125 for instructions.
Be sure to consult with your tax advisor for specific advice pertaining to your options.