401(k) Rollovers in Wichita, KS

Whitehead Financial helps Wichita, KS residents understand their options for a 401(k) or other workplace plan after leaving a job or retiring. Lucy Whitehead explains how rollovers work by phone or video, with no charge for her services.

Spirit AeroSystems Holdings and Cessna Aircraft Co are listed among Sedgwick County's major employers (Kansas Department of Commerce), and Visit Wichita says the city has had a hand in building hundreds of thousands of aircraft (Visit Wichita). Long aviation careers often mean sizable workplace retirement balances. When you leave, you can usually keep the plan, move it to another plan or IRA, or cash it out. Lucy can walk through what each choice means for you.

How you move the money matters. The IRS explains that a retirement plan distribution paid directly to you is subject to mandatory withholding of 20%, even if you plan to roll it over later, while a direct rollover from your plan administrator to another plan or IRA has no taxes withheld (IRS.gov). The IRS also says you have 60 days from receiving a distribution to roll it over (IRS.gov). Lucy can explain these basics and point you to a tax professional for anything specific to your return.

Not every Wichita worker is in aviation. Via Christi Clinic is also among the county's major employers (Kansas Department of Commerce), and healthcare workers change employers too. If you've left a hospital, clinic or manufacturing job and have an old plan sitting untouched, Lucy can help you figure out what you have and talk through whether consolidating makes sense. She works by phone and video, so the call fits around your schedule.

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