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Here are your options

Open an IRA

Keep your savings tax-deferred by rolling them into an individual retirement account (IRA).

What you might like about an Empower IRA:

  • More control of your investments
  • No initial or annual account fees
  • Access to more than 143 mutual funds
  • Help managing your investments — if you want it

Consider all your options and their features and fees before moving money between accounts

Stay put1

In most cases, you can keep your savings where they are if you’re happy with your plan.

What to know about keeping your savings where it is:

  • It’s easy, and you don’t have to do anything.
  • You’ll still have a complete view of your full financial picture on your account dashboard.
  • You can still make penalty-free withdrawals once you hit age 59½.
  • Typically, you won’t be able to make additional contributions.

Move to your new plan2

Roll your funds into your new employer's plan after comparing it to your current plan.

What you would need to do before moving your savings:

  • Review your investment choices and compare fees.
  • Confirm that your savings are eligible to roll over.
  • Make sure you like the new investment options available to you.
  • Understand any paperwork the new employer plan requires.

Once you have your new account number, log in to your plan to request a rollover. Consider all your options and their features and fees before moving money between accounts.

Withdraw your money3

If you withdraw your money, you may have to pay taxes and IRS penalties.

What to keep in mind:

  • Taxes and IRS penalties will leave you with less than you thought.
  • Cashing out will erase what you’ve saved for your future.
  • You’ll lose out on years of tax-free growth.

 

1 Some employer plans require you to move your balance if the balance is below a minimum threshold. Check your plan’s provisions to see if that applies to you. Low fees may apply to stay put.
 
2 Review your investment choices and compare fees and plan provisions to see if it’s comparable to your current plan.
 
3 This option will mean your retirement account will be taxable income. This could negatively impact your overall savings. This may include a 10% penalty tax on top of your ordinary tax rate if you have not reached age 59½. The 10% penalty does not apply to government 457 plans.

This site is designed for U.S. residents. Non-U.S. residents are subject to country-specific restrictions.

Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal, or tax recommendations or advice.

Advisory services are provided for a fee by Empower Advisory Group, LLC (EAG). EAG is a registered investment adviser with the Securities and Exchange Commission (SEC) and an indirect subsidiary of Empower Annuity Insurance Company of America. Registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not indicative of future returns. You may lose money. Advisory fees are calculated based upon the amount of assets being managed (as detailed further in the Empower Advisory Group, LLC Form ADV).

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