401K AND IRA ROLLOVERS

401(k) and Roth IRA Rollovers: Making the Most of Your Retirement Savings

Understanding 401(k) and Roth IRA Rollovers

When you leave a job, you have the option to roll over your 401(k) balance into a different retirement account. This can be a Traditional IRA, a Roth IRA, or another qualified retirement plan.

What is a 401(k)?

A 401(k) is a tax-advantaged retirement savings plan sponsored by your employer. Contributions are made pre-tax, which means you don’t pay income tax on them until you withdraw the money in retirement.

What is an IRA?

An IRA is a type of retirement savings account that individuals can contribute to. There are two main types of IRAs: Traditional and Roth.

• Traditional IRA: Contributions to a Traditional IRA may be tax-deductible, and the earnings grow tax-deferred. However, withdrawals are taxed as ordinary income.
  
• Roth IRA: Contributions to a Roth IRA are made after-tax, but the earnings grow tax-free. Qualified withdrawals are also tax-free.

How Rollovers Work in Retirement

When you reach retirement age, you can start withdrawing funds from your 401(k) or IRA. The specific rules for withdrawals depend on the type of account and your age.

• Required Minimum Distributions (RMDs): If you have a Traditional IRA or a 401(k), you will be required to start taking RMDs beginning at age 73. These withdrawals are taxable as ordinary income.
• Roth IRA withdrawals: If you have a Roth IRA and meet certain conditions (e.g., you’re over age 59½ and have held the account for at least five years), you can withdraw funds tax-free.

Contact Advanced Retirement Group

If you’re considering rolling over your 401(k), we can help. Our experienced advisors can guide you through the process and help you choose the best option for your retirement goals.

Contact us to learn more about your options with a free, no-obligation conversation.

 
 
 
 
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 Anne Ternes 
 
 
 
  
I would give more stars if allowed. Randy Hoffman helped us with so many things when we needed advice on how to proceed with Medicare and supplements. We needed extra help as we were bearing down on deadlines. Randy was there for us even though he was planning a vacation out of country. He called us and made sure we knew he was available to answer our questions. In the end we were able to beat the deadline and we have Randy and his office to thank. We’ll be forever grateful. We even received a follow up message several months later and we appreciated the caring gesture. Randy helped us through a very difficult situation. My husband and I are happy with our experience.
  
 
  
 
 
 
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 Kristin Giffin 
 
 
 
  
Randy always does a fabulous job doing what's best for the client. He's always great with checking into what insurance they have and will be honest about if they should stay with their current plan or do something else. I will ALWAYS send referrals his way!
  
 
  
 
 
 
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 Chance Eastlick 
 
 
 
  
Randy is the expert in the healthcare game and will help you navigate the ins and outs of the policy that will fit you the best
  
 
  
 
 
 
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 James McQueen 
 
 
 
  
ARG makes navigating health insurance a breeze.  They follow a needs based approach and recommend what is best for you.
  
 
  
 
 
 
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 Nicholas Engle 
 
 
 
  
Making health insurance planning straight-forward, kudos to Randy and Jan at ARG!
  
 
  
 
 
 
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 Rod Frederking 
 
 
 
  
I have worked with ARG providing commercial health insurance for several of the companies I have been involved with over the years. As I approached the retirement phase of life for me. I discovered the government and healthcare industries have made this very difficult and confusing. Medicare, supplemental plans, prescription drug plans, etc. The staff a Advanced Retirement were not only diligent and thorough but very clean when it came to figuring out what would be best for my wife's circumstances as well as mine. While different, they needed to work together. This is a long term commitment, since situations and circumstances change from year to year, and that's where ARG excels and helps simplify the entire process. I can't stress the importance of getting the experts involved to assure you get what you need.The most important point I want to make is their service. It doesn't mater what your questions are from understanding the "plan", billing and claim errors, changes in prescriptions and the list goes on. I always recommend ARG for any insurance needs.
  
 
  
 
 
 
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 Randy Baumgartner 
 
 
 
  
My wife and I met Randy Hoffman at Advanced Retirement Group several years ago through our financial advisors suggestion.  Randy has guided us through what at times, can be a confusing maze of health insurance products. With his help, we were able to make sound health insurance decisions, and are truly grateful to him and Advanced Retirement Group. We have shared our positive experiences with several friends, and they as well are pleased with Advanced Retirement Group! Do yourself a favor and contact Advanced Retirement Group for your health insurance needs.
  
 
  
 
 
 
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 Dan Morris 
 
 
 
  
After experiencing a repetitive and frustrating problem with my daughter's health insurance carrier, we called Randy and his team at ARG.  They removed our burden of having to deal with the issue yet again and it was resolved the next day.  Great service!