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Know your options when you leave your employer
Let us help you plan your retirement.
When you leave your job, your vested balance in your former employer's retirement plan is yours to keep. You have several options at that point, including:
  • Taking a lump-sum distribution. This is often a bad idea, because you'll pay income taxes and possibly a penalty on the amount you withdraw. Plus, you're giving up continued tax-deferred growth.
  • Leaving your funds in the old plan, growing tax deferred (your old plan may not permit this if your balance is less than $5,000). This may be a good idea if you're happy with the plan's investments or you need time to decide what to do with your money.
  • Rolling your funds over to an IRA or a new employer's plan if the plan accepts rollovers. This is often a smart move because there will be no income taxes or penalties if you do the rollover properly (your old plan will withhold 20 percent for income taxes if you receive the funds before rolling them over). Plus, your funds will keep growing tax deferred in the IRA or new plan.

Regions Bank can help you with a Roll-Over IRA.

Morgan Keegan & Company, a subsidiary of Regions Financial Corporation, is a member of the New York Stock Exchange (NYSE) and Securities Investor Protection Corporation (SIPC). Investments offered through Morgan Keegan are not a deposit, are not guaranteed or endorsed by Regions Bank, or its affiliates, and are not insured by the FDIC, Federal Reserve Board or any other government agency. Purchase of non-deposit products involves risks, including possible loss of principal.

 

 

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