Think ahead. Don’t Let

Day – To – Day

Operations Drive out Planning

Leading Retirement Planning & Strategy Consultants

At the Mak Legacy Insurance Solutions, we are trained to help our clients avoid many of the common pitfalls that can happen during retirement income planning.

We will help you protect your hard-earned retirement assets in diverse market conditions and help you earn the income you need to spend a happy and secure retirement life.

Your Retirement is Our Business

Our clients are the most important people in the world to us. We care for you and help you attain your goals for a safer retirement. Whether you are years from retirement, getting ready to enter retirement, or already retired, we are here to help you plan a hassle-free retirement future.

You can protect your 401k from another market crash with an In-Service Non-Hardship Withdrawal/Rollover.

Some of the Compelling Questions That Might be Bothering You

  • Am I structuring my assets in a way to maximize income and minimize taxes?
  • Will re-positioning my assets lower or eliminate the tax on my social security?
  • Is there a way to get reasonable returns without risking my nest egg?
  • Is it possible to have tax-free income during retirement and reduce my tax liability overall?
  • Can I pay for nursing care without sacrificing my children's inheritance and my spouse's lifestyle?
  • How can I grow my money and potentially beat inflation at the same time?
  • Is it possible I might outlive my retirement savings?
  • How can I help prevent this from happening?
  • How well have I prepared my retirement savings for market fluctuations, inflation, and income taxes?
  • How can I protect my original principal and still supplement your retirement income?
  • What can I do to help guaranteed my retirement income?

Creating any sort of trust does not answer any of the above questions because trust is made to solve your queries and problems. Such as asset protection and not preservation, an extra shield for a lawsuit, skip generation transfer asset(which by the way that could be answered by annuity and drafted in a trust).

And of course, much more, should you need additional information we will be happy to go over them.

In-Service Non- Hardship Withdrawal/Rollover

Some companies allow active employees that are participating in a qualified employer retirement plan to withdraw a portion of their plan’s account balance without showing a specific financial need. You will need to verify with your company if their plan allows this facility.

Why Consider The Option

  • You would like to take control of your assets
  • You have limited investment choices in your current plan
  • Eliminate or lower fees in the current plan
  • Eliminate market risk
  • Provide growth potential with principal and earnings protection

Plans That Permit Non-Hardship Employee Rollovers

Profit-sharing, 401(k)s, 403(b)s, 457s usually will allow these. Defined benefit plans typically do not allow them. Consult your plan’s rules to make sure you are allowed to make these withdrawals.

Are All Assets Eligible for These Rollovers

Each plan is different; you will need to ask your employer which assets in your plan are eligible for these withdrawals. Here are a few samples.

  • After-tax contributions plus earnings
  • Rollover amounts plus earnings
  • Company match contributions plus earnings

And more.

These rollovers are non-taxable if rolled into a product with the same tax status as your initial plan; if not, there might be adverse tax consequences. You should still consult your tax advisor to determine the tax implications of this strategy.

Issues to Consider

There are many different options available to you when it’s time to do a rollover. Choosing the right plan for your needs is the most crucial step. If you are looking for safety with no chance of market losses, then a fixed investment might be the right choice.

How to Get Started

Contact the human resources department’s retirement plan administrator to determine whether your plan allows these rollovers and whether you are eligible to take them and collect the required information.

  • 1.
    How much can you rollover?
  • 2.
    What are the forms needed?
  • 3.
    What are the processing requirements and distribution timelines?

Our firm is not permitted to offer, and no statement contained herein shall constitute, tax or legal advice.
You should consult a legal or tax professional on any such matters.