Dispelling the myth that you must withdraw your savings in one lump sum upon retirement
Let’s destroy that myth right now. You have several options instead of having to take your money out in one lump sum. These include:
- Staying in the plan*
- Setting up recurring payments to give you only what you need*
- Taking partial withdrawals*
- Rolling your money over to an individual retirement account (IRA)
*If allowed by your plan. Check your plan’s provisions.
More life stagesI'm just getting started | I've been saving & investing | I'm about to retire | I'm retired
Qualified retirement plans, deferred compensation plans and individual retirement accounts are all different, including fees and when you can access funds. Assets rolled over from your account(s) may be subject to surrender charges, other fees and/or an additional 10% early withdrawal tax if withdrawn before age 59 1/2. Nationwide and its representatives do not give legal or tax advice. Please contact your legal or tax advisor for such advice.