Take control of your retirement accounts.
If You Are Terminating Employment
Great Plains Trust Company can assist you in preserving your retirement assets and keep these assets growing if you are changing jobs or are planning on retiring. We can help you take control of your retirement assets and take advantage of the tax savings that you have had with your 401(k) or other employer-sponsored retirement plan.
The Advantages of a Rollover IRA
- Control of your retirement assets
- A wide range of investment options
- Provides tax-deferred savings and avoids penalty and taxes associated with taking a distribution.
Contact Great Plains Trust Company at 888-529-2776 for more information how a Rollover IRA can help you reach your retirement goals by avoiding possible taxes and penalties associated with a distribution from your employer's retirement plan.
Taking a distribution from your employer-sponsored retirement plan can result in a 10% penalty and 20% withholding for pre-payment of federal taxes.
With a Direct Rollover IRA
| Plan distribution |
$100,000 |
| Taxes |
0 |
| Penalty |
0 |
| Total rolled over into an IRA |
$100,000 |
|
Without a Rollover IRA
| Plan distribution |
$100,000 |
| Taxes |
$20,000* |
| Penalty |
$10,000 |
| After-tax distribution |
$70,000 |
*20% Tax bracket applied |