Timothy Sumer

Watch our next webinar to discover how to use whiteboard videos like this to grow your practice: Financial Advisor video marketing, Loan Officer, Reverse Mortgage, Medicare Agents Transcript: If you’re changing jobs or retiring, it’s important to know the rules regarding moving funds from your employer sponsored retirement plan. The wrong move could cost you in income taxes and early withdrawal penalties. You typically have four options, and you may engage in a combination of these options. You can leave the money in your former employer’s plan, if permitted. You can also cash out the account value, but you should research the tax implications first. There are two basic ways to move retirement plan assets from one retirement plan to another with no tax consequence. With a direct rollover, your financial institution or plan directly transfers the payment to another plan or IRA; no taxes are withheld, and your account continues to grow tax deferred. With an indirect ro...