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Faster, more secure access to your account
- Same account information
- Deposit checks or open certificates
- Apply for loans
- Use the same login information or use fingerprint or Face ID.
Changing jobs can impact your retirement plan. It's important to understand the choices you may have when making a career transition to minimize disruptions to your contributions and the vested portion of your previous employer's contributions. Here are four key retirement plan considerations when switching jobs:
Option #1: Stay.
Your previous employer may allow you to keep the money in your plan, which can allow you to keep the funds undisturbed while allowing you to accumulate tax-deferred earnings potential. While you cannot make further contributions, you'll still have control over how the money is invested. Typically, the annual distributions must begin after you reach age 73.
Option #2: Roll it into a new retirement plan.
Another option you may have is to transfer the money into your new employer's plan, which continues your tax-deferred growth potential. It's important to remain mindful that there may be rules associated with rolling over your money. Review your new plan and restrictions carefully prior to selecting this option. If you take money out, withdrawals will be taxed at current rates, with those you made before you reach 59 ½ subject to a 10% additional federal tax.
Option #3: Cash out.
You may also elect to withdraw your money in cash either in a lump sum or in installments, though you'll face tax consequences for doing so. Distributions incur a 20% federal withholding as well as standard income tax. And if you're under age 59 ½, you'll pay an additional 10% federal tax. State and local taxes may also apply, which could collectively reduce the amount you retain.
Option #4: Transfer into an IRA.
You can also choose to roll all or part of your money into an Individual Retirement Account (IRA). If you do so within 60 days, you'll avoid both penalties and withholding taxes. An IRA offers continued tax deferral for retirement, though you should check to verify if fees or commissions will be assessed.
Depending on your situation, the money you accumulate in an employer's plan may be a major source of retirement income. How you choose to manage your retirement plan can have a profound impact on your savings. Discussing the options with a financial professional can help maximize your savings.
This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. This material was prepared by LPL Financial, LLC.
Prior to investing in 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship, and protection from creditors that are only available for investments in such states qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing.
Your Credit Union (“Financial Institution”) provides referrals to financial professionals of LPL Financial LLC (“LPL”) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for the Financial Institution to make these referrals, resulting in a conflict of interest. The Financial Institution is not a current client of LPL for brokerage or advisory services.
Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.
The LPL Financial registered representative(s) associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker/dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. DuPont Community Credit Union (DCCU) and Member Investment Services (MIS) are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using MIS, and may also be employees of DCCU. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, DCCU or MIS. Securities and insurance offered through LPL or its affiliates are:
Contact Us
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365,
Waynesboro, VA 22980
Local Calls: 540.946.3200
Out of Area Calls: 800.245.8085
P.O. Box 1365, Waynesboro, VA 22980
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