Pension rollovers can play an important role in your retirement plans. Optimizing this process can influence your financial stability and comfort during retirement. With help from a local pension advisor, you can start securing a better financial future. Take advantage of a pension rollover, which allows you to transfer your retirement funds from one plan to another.

What Is a Pension Rollover?

A pension rollover is being able to move pension funds from one account to another. This smart financial move is often used when you switch jobs, retire, or want to explore better investment opportunities and management for your retirement savings.

Why Consider a Pension Rollover?

Depending on your needs, there are many reasons and benefits to pension rollovers.

  • More investment Choices: Unlike traditional pension plans, 401k plans and IRAs provide a more comprehensive array of investment options, giving you greater control over where your retirement funds go. This gives you the freedom to customize your portfolio according to your needs.

  • Access Advanced Tax Planning: It could also be beneficial to consider a pension lump sum rollover to an IRA for tax reasons. With traditional IRAs, the growth is tax-deferred, allowing you to postpone paying taxes on your earnings until you withdraw the money. This can be beneficial if you anticipate being in a lower tax bracket during retirement. Additionally, by rolling over your pension to an IRA, you may then have the option to convert to a ROTH utilizing a ROTH conversion strategy.

  • Flexibility in Income: Pension plans give you a guaranteed income for life, but that isn't always the best thing for you. This taxable income can increase social security taxation, Medicare penalties, and other expenses. All of this is avoidable with a pension plan rollover.

  • More Control: You might consider pension rollover to a 401k if you are changing employers and want to keep your savings in one place. With a pension rollover to an IRA, you have more control over your retirement savings, particularly regarding beneficiary designations and withdrawal options. You can leave a legacy for your loved ones when you pass away.

  • Pension Plan Stability: If you have concerns about the financial stability of your current pension plan, a wise move would be to consider a pension rollover. However, you must know your pension plan rollover options because they depend on your situation.

Why Do You Need a Pension Planner for Your Pension Rollover?

Our pension advisors and team possess extensive expertise in regulations, including pension laws, tax regulations, and compliance requirements. Their knowledge ensures that your pension rollover adheres to standards without putting you at great financial risk.

By relying on advisors to guide you through a pension plan rollover, you can avoid expensive errors. They will ensure you don't incur hefty tax liabilities or penalties, protecting your hard-earned savings. 

For instance, to rollover a pension into a Roth IRA, you need to do a pension rollover to an IRA and then undergo a Roth Conversion. You need experienced help to avoid errors and costly mistakes during this process.

Our pension planners will provide tailored financial strategies and evaluate your unique financial situation and retirement goals. These personalized pension rollover strategies are designed to perfectly align with your long-term objectives and will explore your pension rollover options. We take a holistic approach to financial planning so our clients get the best results.

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