Find a Better Job. Michael Dolan

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СКАЧАТЬ annuity (IRA). The money can be transferred directly to the IRA to avoid penalties and continue the tax-deferred status. This means your hands never touch the money. Instead, it is transferred directly into the IRA by your current employer. You can also take receipt of the lump sum and then deposit it yourself within 60 days to another qualified new retirement plan. This gives you short-term access to the money—but there is a catch. Your employer must withhold 20 percent for federal income taxes from your taxable distribution, so you may only receive 80 percent of your money. To illustrate, consider these tax consequences for a moment: If you withdrew a $50,000 lump-sum distribution from your 401(k) before age 59 ½, all of which is taxable, $10,000-or 20 percent-would be withheld for federal taxes. The distribution would be subject to ordinary income taxes as well as a 10 percent penalty, which in this case could be an additional $5,000. But, if you roll the money over into one or more IRAs, be sure you have established special “conduit” IRAs. In these IRAs, if the money from your lump-sum distribution is not mixed with any other funds, you may be able to transfer the money to another employer’s 401(k) plan, if you choose.

      2.Move the money to your new employer’s 401(k) plan, if permitted. After all, the 401(k) is a savings plan of choice for so many workers because it not only offers tax advantages, but also often includes a matching contribution from the worker’s employer-say, 50 cents for every dollar that the employee invests, to a certain limit. Also, people who participate in a 401(k)-or a 403(b) plan for employees of hospitals, schools, colleges and non-profit organizations-can often borrow from their retirement accounts. That option usually is not available with an IRA. Keep in mind there is usually a waiting period of months or a year before you can enroll in your new employer’s plan.

      3.Leave the money where it is, with your current employer’s 401(k) plan. The decision may come down to who offers the best investment choices for your-your old company’s plan or the new one.

      4.Take a partial withdrawal.

      Embracing Change

      Changing jobs does not have to be a traumatic experience. In today’s world, it is a commonplace event. In fact, it’s a good idea always to be improving your skills so that you will be an attractive candidate for a new job, whether it’s within your company or with a different employer. That way, you’ll be in a position to make exciting and advantageous career moves in the future because you want to-not because you have to.

      REFERENCE MATERIALS

      For more information on looking for a job, visit the website maintained by the U.S. Department of Labor Employment and Training Administration (www.doleta.gov). To find a certified financial planner in your area, call the International Association for Financial Planning toll-free at 1(888) 806-7526.

      ORGANIZATIONS

      Several other national organizations that might be able to help in your job search:

      Employment and Training Administration

      U.S. Dept. of Labor

      200 Constitution Ave., NW

      Washington, DC 20210

      202-219-6871

      Wider Opportunities for Women

      1325 G Street NW, Lower Level

      Washington, DC 20005

      202-638-3143

      National Assoc. for the Advancement of Colored People (NAACP)

      Attn: Job Services

      4805 Mt. Hope Drive

      Baltimore, MD 21215-3197

      410-358-8900

      Job Opportunities for the Blind Program

      National Federation for the Blind

      1800 Johnson Street

      Baltimore, MD 21230

      800-638-7518

      National Urban League Employment Dept.

      500 East 62nd Street

      New York, NY 10021

      212-310-9000

      President’s Committee on Employment of People with Disabilities

      1331 F Street, NW

      Washington, DC 20004

      202-376-6200

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