Congratulations, you have saved up your hard earned money for retirement. All your planning and monitoring has paid off and now you really have something to show for it. This section will take you through the options you have when taking a distribution from your 401(k) plan upon retirement.
At retirement, you have to decide how you would like to take money out of your 401(k) plan. Your choices include a lump-sum distribution, an annuity, rollover to a traditional IRA, or rollover to another retirement plan (if you go to work for another employer). In addition, you need to be aware that, after you reach the age of 72, it will be mandatory that you start taking distributions.
Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Brookline Investment Services is a trade name of the bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate.These products are subject to investment risk, including the possible loss of the principal amount invested.