DELGALLO.com Wealth Management Essentials – Retirement or Job Loss, What to do with Your Vested Pension?
By LEONARD J. DEL GALLO JR., M.S., MPASsm, CFP®
A rollover of the vested pensions may be an alternative to consider and may provide additional flexibility to adjust your tax liability, financial planning, and estate planning. An individual’s vested pension may meet the requirements and be eligible for a rollover as part of the assumptions at retirement or during a job loss. The rollover of the retirement account can be made by trustee to trustee transfer into an eligible retirement plan or distributed to the client for the client to place in a retirement account within the 60 day deadline. A rollover may allow the client to avoid paying current income taxes and allow for continued deferral of taxes. In addition, the rollover may allow the retirement funds to be stretched out over generations if the client does not require the income or assets during their lifetime. The required minimum distributions of the rolled over assets could also be minimized in the future by choosing one or multiple younger beneficiaries and applying a joint life expectancy table for the client to consider. A rollover of a vested pension may be a recommended choice to meet a client’s goals because multiple investment options can be considered without being restricted to the current employer’s options within the company pension plan.
Any questions please contact Del Gallo Financial Services, LLC by visiting our website at https://delgallo.com/. Del Gallo Financial Services, LLC can arrange an educational seminar or workshop for your organization’s members and/or employees. This research commentary is intended to educate families so they may gain an introduction to a difficult planning topic and is not intended for any other purpose. Articles created by Len Del Gallo Jr., may not be copied or used without written permission from Len Del Gallo Jr.. Del Gallo Financial Services, LLC and its’ representatives do not provide tax or legal advice. Please consult your tax advisor or attorney for guidance on such matters and before implementing any strategies and/or updates to your planning. Del Gallo Financial Services, LLC is a Registered Investment Advisor and Licensed Insurance Agency.
Leonard J. Del Gallo Jr., Broker Associate in Connecticut & Florida
CT Managing Broker: Berkshire Hathaway HomeServices N.E. Properties
Office: 172 West Main Street
Avon, Ct. 06001
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