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Rollover Options

When you start a new job, there are many benefit decision to be made but don’t forget about one of the most important, your previous 401(k). You have several options available to you:

  • Leave the Money in Your Previous 401(k) Plan
    This will keep your tax-deferred status intact, but you will no longer be able to make contributions to your account. If your previous employer changes the 401(k) provider, it may be more difficult to track down your funds when you retire.
  • Take a Cash Distribution
    This is not recommended as you will not only pay ordinary income tax on these funds, but you will also be subject to a 10% early withdrawal penalty if you are under the age of 59 ½. This also reduces your retirement nest egg.
  • Rollover Your Retirement Savings to Your New Employer’s Plan
    If your new employer offers a retirement plan, you may be able to roll your previous retirement savings over. This will allow your money to continue growing on a tax-deferred basis and keeps your accounts consolidated.

If you decide to rollover your previous retirement savings, an IRA gives you several benefits:

  • Continued Tax-Deferred Growth
  • Consolidation of Retirement Savings
    You may have multiple retirement accounts from former employers. Consolidating these accounts makes it easier to manage your retirement assets.
  • Choice of Investment Options
    An IRA may provide you with a broader range of investment options that might not be available in your employer's 401(k) plan.
  • Greater Control Over Your Assets
    Employer plans may have rules restricting when you can change investments, make withdrawals and mandatory tax withholding. With a Rollover IRA, you retain control and flexibility over how your dollars are invested and when you receive withdrawals. You may also make contributions to your IRA to continue saving for retirement until you are eligible for your new plan.

The retirement and rollover experts at Union Bank & Trust are here to help you choose the option that is right for you. Please contact Amy to get started, or use the links below to open your Traditional or Roth IRA account.

Docusign: Traditional IRA

Docusign: Roth IRA

Amy Carkoski, Assistant Vice President
Amy Carkoski
Investment Officer
B.S. from University of Nebraska
Industry experience since 2000
Certified IRA Services Professional
Phone: 402.323.1337
Email Amy

Investment products: Not FDIC Insured - No Bank Guarantee - May Lose Value.