Module 3: eBay Store Training

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WITHDRAW YOUR MONEY (LUMP SUM DISTRIBUTION)


Advantages:

  1. Access to your money, should you need it.
Disadvantages:
  1. If you are under age 59 1/2, your withdrawal will be subject to a 10% IRS penalty and 20% tax withholding, unless you meet strict IRS exception guidelines. For more information, contact our professional team or your tax advisor.
  2. Any withdrawal from your retirement savings – even a small amount – will hurt your overall long-term goals.




ROLL OVER TO AN IRA


Advantages:

  1. You may invest in a wide-array of investment options, including stocks, bonds, or mutual funds.
  2. By consolidating your retirement accounts, it is easier to manage and track what you own.
  3. No taxes or penalties for doing a rollover, and there is no limit to how many rollovers you may request during your career.
  4. If permitted, you may be allowed to move your IRA into a future employer’s plan.
Disadvantages:
  1. For some people, the investment flexibility offered by an IRA is overwhelming. If you do not have the time or expertise to make investment decisions yourself, you may want to consider teaming-up with a financial advisor.
Matisse Capital provides free consultations on IRA Rollovers, should you need it.




REMAIN IN 401(k) PLAN


Advantages:

  1. You can continue to take advantage of the investment options offered in the plan and make changes as necessary.
  2. At a later date, you can move out of your previous employer’s plan and into your new employer’s plan, if allowed.
Disadvantages:
  1. You are limited to the investment options available within the plan.
  2. You may not contribute to your account.
  3. Some plans require you maintain a minimum balance to stay in the plan (often $5,000).





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