457 & 403b Rollovers

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457 & 403b Rollovers 

457 Deferred Comp Plan:  The Texas State Deferred Compensation Plan is a State-sponsored employee benefit for State employees and other employees of participating non-governmental employers.  A 457 plan allows eligible employees of state and local governments and tax-exempt organizations to defer income taxes on retirement savings into future years.

 

403b Plan is a tax deferred retirement plan available to employees of educational institutions and certain non-profit organizations as determined by section 501(c)(3) of the Internal Revenue Code.  A 403b plan allows eligible employees of educational institutions and certain non-profit organizations to defer income taxes on retirement savings into future years.

If you’re about to retire, you have an important decision to make about your 457 or 403b plan. Rolling over your plan balance to an IRA may give you more control and more flexibility to manage your retirement nest egg.

The professionals at Visionary Financial Group, LLC can explain the process and the benefits of a 457 or 403b rollover and advise you about your options.

A 457 or 403b rollover into a traditional IRA or a Roth IRA can offer advantages.

  • More investment options – 457 and 403b plans generally offer a limited number of investment options. With an IRA, you have access to a wide range of investments, including some that may be more suitable to your goals, time horizon and risk tolerance.
  • Greater flexibility – Some plans allow only a lump-sum distribution and other plans may limit the frequency of withdrawals. If you roll the money into an IRA, you can take it out on your own schedule after you reach age 59 1/2.
  • More convenience – If you have worked at different jobs and you roll all your previous employers’ account’s assets into an IRA, you’ll have a single, consolidated account to keep up with. This means fewer statements to review and one account to withdraw your IRS required minimum distributions.
  • Potential estate-planning benefits – With some 457 and 403b plans, the beneficiary must take out all the assets after the account holder dies and face a potentially large tax bill.

Rollover Tip: If you decide to roll over your 457 or 403b plan, be sure to transfer your balance directly into an IRA, and not to you directly.  If the distribution is made to you first, the plan must withhold 20% for federal withholding taxes.

Thinking about a 457 or 403b plan rollover? Call Shelly Dodge at 972/539-0002 today to schedule a complimentaryconsultation to review your financial goals and discuss your various retirement options.

Rolling over an employer sponsored plan into an IRA is not suitable for everyone. Tax implications, additional fees, and loan options may indicate an employer sponsored plan is more appropriate for some investors. Please consider all available options prior to making a decision.

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