Spooky Ways to Mess up Your Retirement

Accidentally withdrawing from an IRA or a 401k. 

This most commonly occurs when you improperly rollover funds from one retirement plan to another.

We can keep you from making that spooky mistake!

If you have the check or transfer made directly from one IRA to another "like titled" IRA. Meaning, if you have a regular 403b, 401k, or IRA, make sure you're transferring to a traditional IRA. If simply withdrawn from your account, the money is counted as regular income. Alternatively, there are certain instances in which you may want to convert some or all to a ROTH, paying some taxes now, so that you'll never pay taxes on the future gains.

If you're intentionally taking out of your retirement account for income (above age 59 ½), it's wise to avoid tax surprises by taking out appropriate withholding amounts.

Phillip Hanks