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Don’t Confuse 401(k) Withdrawals with 401(k) Rollovers – It Could Cost You

Posted by Michael J. O'Connor | CWS®, Vice President Investments

May 9, 2018

One of the reasons investing gets confusing for most people is that there are too many rules, requirements, products/options, and terms. The website “Investopedia” claims to have a “comprehensive financial dictionary with over 13,000 terms and counting.” Insanity!

The world of retirement planning – which is just a subset of investing – is not much better. But the definitions do matter. A 401(k) withdrawal, for example, could mean paying penalties and taxes that could cost you dearly if done wrong, or done at the wrong time. A 401(k) rollover, on the other hand, could provide you with several benefits and advantages for moving your retirement plan in the right direction.

In this case, a single word makes all the difference – and not knowing it could cost you.

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Retirement Planning Wealth Management Investment Planning 401k