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Qualified Plan Exit Strategy
* Withdrawals
* Annuity Purchases
* Leave It
* In-Kind Transfers
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Qualified Plan Exit Strategy
An exit strategy in this context can involve a few different approaches, depending on the individual's financial goals, the plan's rules, and IRS regulations:
- Rollover: The funds in the account are transferred or "rolled over" into another retirement account. This might be a new employer's 401(k) or a retirement account like an IRA. The main benefit of this strategy is that it maintains the tax-deferred status of the funds.
- Withdrawal: The funds are withdrawn from the account. This results in immediate access to the money but also incurs taxes and potential penalties, especially if the person is under the retirement age of 59.5 years.
- Annuity purchase: Some plans allow for the purchase of an annuity with the funds in the account, providing a steady income stream in retirement.
- Leave it: If the plan allows, one could leave the funds in the existing account, where they would continue to grow tax-deferred until withdrawn.
- In-Kind Transfer: This is a transfer of securities from your retirement account to another brokerage account. This avoids liquidating the securities but could potentially have tax implications.
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