What happens to my retirement accounts if I receive severance pay?
An example of an AI chatbot conversation about severance pay and retirement accounts.
What happens to my retirement accounts if I receive severance pay?
When you receive severance pay, your retirement accounts are generally unaffected. However, it depends on your employer's policies.
Can I withdraw from my retirement accounts while on severance?
Yes, you can withdraw from your retirement accounts, but be aware of potential taxes and penalties.
What are the tax implications of withdrawing from my retirement account?
Withdrawals from retirement accounts are typically taxed as income, and you may face an early withdrawal penalty if you're under 59½.
Should I consider rolling over my retirement account instead?
Rolling over your retirement account to an IRA or a new employer's plan can help you avoid taxes and penalties.
What are the benefits of rolling over my retirement account?
Rolling over can provide more investment options, potentially lower fees, and help you maintain tax-deferred growth.
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