John Hancock Retirement: Retirement plan services

 Controlling your retirement account

If you've been forced out of your job or are relocating or planning to retire one of the most crucial choices you'll have to make is how to manage the savings you've accrued within your qualified employer-sponsored retirement program (QRP) which includes one of the following: 401(k), 403(b) or a government 457(b).

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The right choice of strategy can aid in reducing taxes and making the most out of your savings. You typically have four choices:

• Transfer your wealth into your account that is an Individual Retirement Account (IRA)
• You can leave your assets with your QRP of your former employer, if the plan permits it.
• Transfer your assets directly to your new or current QRP at your current or new employer, if your plan permits.
• Cash out your cash and pay the taxes

Each one of these options comes with advantages and drawbacks, and the best choice will depend on your particular situation. Consider features like investment options as well as fees and costs as well as the services available. 

An Wells Fargo Advisors Financial Advisor can assist you in understanding your options so you can choose which is the best fit for your particular situation. Before making a choice take a look at this article to learn more about the options and talk to your retirement plan's administrator and tax expert.

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Save your money into an IRA

Transferring your savings into an IRA lets your savings keep their tax-advantaged status as well as the potential for growth, exactly as the plan offered by your employer. Furthermore an IRA typically provides access to advice on investing and many investment options that are not generally available under the plan offered by your employer.

There are a variety of aspects to take into consideration when rolling assets over into an IRA or delving assets from an account of an employer-sponsored plan. These elements include, but aren't only limited to, investment choices for each kind of account, fees and costs, services offered possible withdrawal penalties in the event of a lawsuit from creditors, legal judgments, mandatory minimum distributions, as well as the tax implications of rolling over stock from an employer in an IRA. You should consult a tax professional regarding your specific situation.