How to take the work out of rolling over your 401(k)

Many Florida residents have one or more 401(k) retirement plans still in trust with former employers. No matter what the balance in these plans, they're an important retirement income asset. But if neglected, prematurely cashed out or transferred to another retirement account without careful planning, their value can be seriously diminished.

Requesting a former employer to issue you a check directly for the balance in your 401(k) could be a costly move. The balance may be taxed as ordinary income in the year you receive it, and you would pay a 10% penalty for early withdrawal if you're under age 59-1/2. However, you have other alternatives.

The Advantages of a Rollover
Rolling over your 401(k) into a self-directed individual Retirement Account could avoid taxes and penalties and offer many other benefits. You may be able to reinvest the balance to better serve your retirement goals. And there can be advantages in withdrawing funds when you reach retirement age. But you'll have important choices to make - CDs, mutual funds, annuities or stocks? Roth or traditional IRA? And the paperwork must be handled in a correct and timely manner.

The Value of Experienced Advice
Clearly it makes sense to get expert advice when making decisions about your 401 (k). At Seacoast National Bank, we've been serving our clients as financial advisors for more than 40 years. Our representatives have helped hundreds of people with 401(k) rollovers.

We'll review your current investments and offer an easy-to-understand analysis. If you decide to roll over your 401(k), we can offer a broad range of investment options that will suit your lifestyle and objectives. We'll also handle all the paperwork for the transfer.

For a free, no-obligation consultation, to speak with a representative today to schedule an appointment call an FNB Brokerage Advisor today.