401(k) Rollovers in Overland Park, KS

Whitehead Financial helps Overland Park residents understand their options for rolling over a 401(k) from a former employer. Lucy Whitehead, an independent broker based in Basehor, serves Overland Park clients and charges no fees for her services.

Overland Park is home to an estimated 84,860 households and a highly educated workforce, with 63.7% of adults 25 and older holding a bachelor's degree or higher (U.S. Census Bureau QuickFacts). That often means career moves between employers over the years, and each move can leave behind a retirement plan. It is common for people to reach their 50s or 60s with two or three old accounts scattered across different plan administrators and not much of a plan for them.

How a rollover is handled matters. According to the IRS, a retirement plan distribution paid to you is subject to mandatory withholding of 20%, even if you intend to roll it over later, while a direct rollover from your plan administrator to another plan or IRA avoids that withholding (IRS). The IRS also says you have 60 days from the date you receive a distribution to roll it over (IRS). Lucy walks you through these basics so nothing catches you off guard.

A rollover conversation with Lucy covers what accounts you have, what you want the money to do in retirement, and the general options available, such as leaving the money where it is or moving it. She does not give tax advice, so for questions about your specific tax situation she will encourage you to check with a tax professional. What she does offer is a patient, plain-English explanation, with no charge for her services and no management fees.

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