401 K
I retired and requested 401K to be liquidated. Voya has been giving me run around for about a month. Is it customary to have to hire an attorney to get your money from Voya. Excuse after excuse-they are blaming the slow US Mail. They would not wire transfer to Schwab-Only send check via US Mail? Voya has you speak to a different person every time.
Terry Says
Well, first of all they are probably trying to keep you from making a HUGE mistake!
When you liquidate your account, it will ALL be taxable to you! And you lose all future tax-deferred growth of that money.
Even worse, if you’re retired and on Medicare, it could substantially increase your premiums for Medicare Part B and D — because of all that extra taxable income this year.
So unless you need the money right away (less taxes withheld), I’d suggest you do a rollover to an IRA, where you can withdraw money as needed. Once you are age 73, you’ll have to take regular required minimum withdrawals each year.
Read this: https://www.terrysavage.com/rollover-now/
