What to Do With Your Retirement Account When Changing Jobs

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What should you do with your retirement account when changing jobs? You have a handful of options to consider.

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What to Do With Your Retirement Account When Changing Jobs

  1. 1. Mullooly Asset Management Podcast October 2, 2013 Mullooly Asset Management October 2013
  2. 2. You Have Options  Take the money and run  Leave the money where it is  Roll it over into your new employer’s plan  Roll it over into an IRA Mullooly Asset Management October 2013
  3. 3. Take the Money and Run  Probably not your best option  If under 59 ½ you will incur an early withdrawal penalty  Also the money will become subject to taxes Mullooly Asset Management October 2013
  4. 4. Leave the Money Where It Is  If you’re comfortable with the choices in your plan this could be an option  Might not be your best option Mullooly Asset Management October 2013
  5. 5. Roll Over Into New Employer’s Plan  If you like to the new employer’s plan and its options this could be for you  Not all employers will accept rollovers from previous jobs Mullooly Asset Management October 2013
  6. 6. Roll Over Into an IRA  Probably your best option  Rollovers from your retirement plan to an IRA are tax free  IRA’s have unlimited choices for investment  Money does not need to be withdrawn until you turn 70 ½ Mullooly Asset Management October 2013
  7. 7. How To Do This  Call human resources and tell them you want to roll this money over…it is YOUR money  Usually can roll the money into an IRA over the phone  Your money will either go directly to your IRA or you send a check payable to the IRA Custodian for the benefit of you Mullooly Asset Management October 2013
  8. 8. None of the securities mentioned in this (or any) podcast or video represent past specific recommendations of Mullooly Asset Management. This video is NOT a recommendation to buy or sell any of the securities mentioned here. If you’re relying on a podcast for investment advice, you are likely making a huge mistake. We strongly urge our listeners to consult with their investment advisor before they make a decision to buy or sell any investment. Mullooly Asset Management October 2013
  9. 9. Mullooly Asset Management, LLC support (at) mullooly (dot) net 732-223-9000 www.mullooly.net Mullooly Asset Management October 2013

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