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Are you changing jobs or retiring?

on Tuesday, 26 April 2011. Posted in IRA's

Rollover your retirement plan to an IRA

If you are getting close to retirement or contemplating a move to another job, you should know how to handle your qualified retirement plan.  Just cashing out your plan can cost you in IRS penalties and you might be tempted to spend your money and not keep it invested in your retirement.
If you are getting close to retirement or contemplating a move to another job, you should know how to handle your qualified retirement plan.  Just cashing out your plan can cost you in IRS penalties and you might be tempted to spend your money and not keep it invested in your retirement.  

A better way to handle your qualified retirement savings is with a direct rollover to a traditional Individual Retirement Account (IRA).  That simple move can keep your account intact and growing, while maintaining your tax-deferred status.  If you cash out your account, you could be subject to income taxes and a 10% penalty if you’re below the age of 59½.  You can avoid these financial consequences by directly rolling your plan into an IRA here at Workmen’s Circle Credit Union.  All you have to do is contact one of our IRA Specialists, and they will help you start the direct rollover process.  

For more details on an IRA rollover, and answers to any IRA questions you might have, call Donna Smith at (912) 356-9225.

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