Are you 59 1/2 or older and beginning to do more specific planning for your years of retirement? Like most without a pension to count on, their primary funds to supplement Social Security Benefit monthly will become their 401K Retirement account and any after tax and investment funds. Admittingly many have shared their concerns for these accounts reducing to a lower value as a result of Stock Market Volatility in the near future. Many folks have other 401K accounts from previous employers that are also to be counted on heavily to fund their retirement lifestyle. The 2008 correction cost many folks the ability to retire comfortably.
Are you currently nervous about the safety of your nest egg in your current 401K account? Do you want to consider competitive rates of growth with no down side risk to the principle? Would you like an opportunity to set up a guaranteed income for life plan? Consider one of thegreatest and powerful preservation option available to many yet not well known of or used.
“In-Service 401K Rollover” of your current 401K value into a Safe Harbor as a secure IRA. Even while you are still working. This allows you to secure the lion share of your value while still contributing to your 401K at work unitl retirement. If you would like additional guaranteed lifetime Income, these accounts offer 6-8% interest on these accounts to build the value to be drawn on when you are ready!
The first step would be to learn if your company plan offers In-Service 401K Rolloverdistributions by contacting your employee benenefits department. Please be advised in order to keep from being taxed on this distribution as ordinary income it must be rolled over to an IRA which will keep it in tax deferred status.
The next step would be to work with an Asset Preservation and Retirement Income Planning Specialist. There is never a charge to meet and discuss your wishes and concerns with Neal Mandelbaum, President of Fairway Financial LLC in Danvers, Mass. There is still room available for our next seminar to be held at Kitty’s Restaurant in North Reading.