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I am leaving my job or retiring. What can I do with my money from the companys retirement plan?

April 26, 2017Job leaving money retirement plan retiring

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I am leaving my job or retiring. What can I do with my money from the companys retirement plan?

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When you leave a job or retire, if you receive a distribution from your employer-sponsored retirement plan, it can trigger adverse tax consequences (see question 8.3). Instead, ask your employer to make an eligible rollover distribution directly to another qualified retirement account, such as a Union Bank Rollover IRA. This way you can avoid incurring taxes and penalties as a result of a distribution. This strategy also helps keep your money earning tax-deferred income.