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I resently got let got from genesis and want to cash in my retirement. How do I go about that?

Oct 13, 2015 by joanna in  |  Flag
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Joanna, First, I'm sorry to hear that you were let go. Before you cash in your retirement, I would recommend finding a financial planner to see if you really need to cash it all in. If you do have other income or assets, it may be beneficial to use those before using your retirement plan. The tax consequences of that will be large. A good financial planner should be able to give you some ideas of what to do, how those decisions will affect your future, and the tax consequences of all those decisions.

Comment   |  Flag   |  Oct 16, 2015 from King of Prussia, PA

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Your benefits department can detail the procedure, which is company-specific. Usually, they send a check to your personal account. However, be careful of tax consequences for taking unqualified early distributions... you run the risk of a 10% tax penalty in addition to taxes owed upon withdrawal.

Comment   |  Flag   |  Oct 20, 2015

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Hey Joanna,

Let me start by saying I am sorry about your separation with Genesis, and that is a great question that you have asked. Regarding cashing in your retirement plan you should consult with a financial advisor about your options, and the scenarios that wouldn't run the risk of you having to pay a tax penalty. If you would like to discuss your options further please feel free to reach me at my office number, 631-957-2317. I would be glad to help you and discuss your options. Thank you for your time Joanna I hope you have a great day today.

Comment   |  Flag   |  Oct 21, 2015

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