Jun 20


Jun 20

Hidden Secrets in Your Retirement Accounts

Everybody loves to know secrets. That’s even more true when it involves money.

What if I told you there was a hidden secret involved in your retirement accounts?

That secret is called “in-service withdrawal.” What does that mean?

“In-service” means you are still working, and “withdrawal” obviously means you get to take out money.

That’s right — many people are eligible for an in-service withdrawal, which can be an incredibly powerful tool if you know how to use correctly.

How can you tell if you’re eligible? A large part of that depends on your age. In-service withdrawal is available as an option to anyone older than age 59 ½. If that’s you, you’ll be able to roll money out of your 401(k) and put it into an IRA. Again, this becomes a very useful and powerful tool for a lot of pre-retirees as 401(k) programs begin to change.

One of our clients at Hoffman Financial Group recently told us, “I’m just not happy with the new 401(k) options I’m seeing.” Absolutely a fair feeling, and we’re glad our client told us so we could help her do something about it. Because our client told us, we were able to let her in on the retirement account secret.

We helped our client do an in-service withdrawal, in which she rolled her money over to an IRA. The benefit there is an IRA often offers so much more flexibility in what it can do, what the owner can invest in, and where they end up putting their money.

None of this would have happened without the hidden benefit of an in-service withdrawal. The truth is that most people just don’t know about this retirement account secret. If they did, more people would take advantage of it.

But it’s not enough just knowing about the in-service withdrawal. You also have to know how to make it happen and do it properly. A skilled team of financial professionals like our own will be able to apply their expert knowledge to an in-service withdrawal so that you can take advantage of this retirement account secret quickly and efficiently.