t a k i n g c a s h c o u l d m e a n c u r t a i n s f o r a s e c u r e A l m o s t 5 0 % o f t h a t r e t i r e m e n t . money could disappear if you take a lump sum or partial distribution.
$10,000 (10% early withdrawal penalty if you’re under age 59½)
$57,000 is the amount you keep
$28,000 ordinary income tax (28% tax bracket)
This is a hypothetical example. For illustrative purposes only. Tax results may vary.
$5,000 state taxes (5%)
what is a rollover?
A rollover is when you transfer your money from a qualified retirement plan (or IRA) into an IRA (or another qualified retirement plan). This allows your money to maintain its growth potential without being taxed until you take it out.1 This can translate into potentially more money and a more fulfilling retirement.
give you and your family a bright future – start with an IRA rollover.
Don’t pay ordinary income tax until you start taking income
Give your investment the potential to continue to grow
Don’t take your money too early, and you won’t pay penalties
Designate your own beneficiary(ies)
You don’t have to go it alone. Your MetLife Representative can help.
Besides your home, your retirement plan may very well be your largest asset. So it makes sense to manage it carefully. That’s where your MetLife Representative comes in. He or she can work with you to design a retirement income strategy that takes into account your IRA and other savings generating enough income to help pay for whatever you need, for however long you need it.
Which plans can be rolled into an ira?
If you have money in these types of retirement plans, you can roll it into an IRA without being taxed.
Qualified retirement plans such as a pension plan, profit sharing plan, 401(k) or stock bonus plan
SIMPLE IRA (restrictions apply)
1 A rollover from the qualified retirement (other than an IRA) is generally subject to a mandatory 20% federal income tax withholding requirement unless it is a direct rollover (i.e. trustee-to-trustee transfer). The rollover may also be subject to state income tax withholding.
2 However, a Roth IRA can only be rolled over into another Roth IRA.