Your Early Years
Set Yourself Up for Success
The most important step is getting started
This stage in your life — typically your 20s — presents a tremendous opportunity to get ahead in saving for your retirement. The key is simply getting started, then letting the power of compounding work for you over time. Your future self will thank you for it!
Your Busiest Years
Further your career and your retirement savings
Many of life’s biggest milestones occur during these years: starting a family, buying a home, sending a child to college, or helping aging parents — all while trying to gain momentum professionally and excel in your career. It’s a juggling act, but you can leverage your growing salary into retirement savings that will really pay off down the road.
A Time of Transition
Maximize your retirement savings
Typically for people in their 50s, this is an empowering time. You’re more established in your career, have hit your peak earning years, and have accomplished many goals. Your kids are grown and making their own way. From a financial standpoint, one of your most important goals is still on the horizon: your retirement. It’s critical at this point to properly manage your money, invest for the future, control taxes, and plan your legacy.
The Next Chapter in Life
Living the retirement you envisioned
Congratulations — you’ve worked hard to reach this amazing milestone. What’s next for you? Travel? Starting a business? Philanthropic efforts? Whatever it is, your retirement planning and strategies haven’t come to an end. In fact, you’ll need to pay careful attention to money management, ongoing investments, minimizing taxes, and estate planning.
Rolling your 401(k) into an IRA at Union Bank gives you greater control over your investments, along with tax advantages.
Retirement Education Consultants
Our team will help you get there
A wealth of resources is available to help you make the right decisions and make the most of your retirement savings. Backed by a team of people who care, we’ll help keep you on track to reach your retirement goals.
Annual Dollar Limits
Frequently Asked Questions
You can withdraw money from your retirement account only as permitted by your employer’s plan. Keep in mind that there may be early withdrawal penalties and possible tax consequences for a withdrawal, and any type of distribution will reduce the value of your retirement savings. Some of the more common examples of events that may allow you to make a distribution may include: In-service distribution: Your plan may allow an in-service distribution from your retirement savings and any matching dollars from you company when you reach the age of 59 ½, even if you are still employed. If you have rollover dollars you can request an in-service distribution at any time, subject to your plan’s procedures.
Termination: When you leave the company you will receive distribution paperwork where you can indicate what you would like to do with your retirement account. Your options may include leaving the funds in the retirement plan; rolling your dollars to a new employer’s retirement plan, or an IRA; or receiving an immediate cash distribution of your funds.
Hardship withdrawal: Your salary deferral dollars may be eligible for a hardship distribution. Consult your human resources representative or your Union Bank & Trust educator if you are experiencing heavy financial need for one of the following conditions and are interested in learning more about a potential hardship withdrawal:
- Expenses for medical care for you, your spouse, your dependents,
or your primary beneficiary
- Costs directly related purchasing your home (excluding mortgage
- Post-secondary education expenses for yourself, your spouse, your
dependents, or your primary beneficiary
- If you are facing eviction or foreclosure from your primary residence
- Payments for burial or funeral expenses for your deceased parent, spouse,
children, dependents, or your primary beneficiary
- Expenses for repair of damage to your primary residence
To Request a Distribution:
- Please visit (www.ubt.com/rps) and log into your online account.
- Enter your user name and password. If you have never logged in before, please contact us at 402.323.1592 or 888.759.2382 for assistance.
- From the Account Dashboard, select Withdrawals.
- In Withdrawals, select the type of distribution that applies to you based on your employment status and age.
- Complete the online steps to request the withdrawal.
- If your plan does not allow for online distributions, please contact us at 402.323.1592 or 888.759.2382 and request distribution paperwork.
Congress has passed laws allowing retirement plan participants who are 50 or older to make what are known as catch-up contributions. If your plan restricts your annual contributions to an amount less than the maximum federal limit, you may still be able to make a full catch-up contribution of $6,000 in 2019.
Select Forms & Reports from the toolbar. Make your election to receive electronic statements and hit submit. It is important to remember that you will need to have an email address entered in the Personal Profile screen.
To change your address, password, or other personal information, log in at (ubt.com/rps) and click on the gear icon located in the top right corner next to your name.
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