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Fleming Financial Services Blog

At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.

Understanding Your Retirement Distribution Options

Thomas Joseph Thomas Joseph , 11/25/2014
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Fleming Financial Services, PA, RetirementEveryone needs a retirement plan, and within it there needs to be distribution plan. Your distribution plan should be created around your specific financial status and needs. There are five basic distribution options that you can choose from. Don't touch the money If you have enough money saved up in savings to where you don't have to touch your retirement immediately after retiring, then you might be able to leave your money sitting as is. You'll need to speak with your plan administrator to see if this is an option. Open your own retirement account If you prefer, you can create your own self-directed retirement account. You can roll your funds over into this new account; however, do keep in mind that you will be solely responsible for any future investment choices. You can use your money to buy an annuity With an annuity, you are guaranteed that you won't outlive your money, and any leftover funds can be distributed to your spouse. You can have the entirety of your funds distributed to you all at once Need your funds now? If so, you might consider taking advantage of a lump-sum distribution. Do remember, though, that this type of distribution will require you to pay your taxes on the withdrawal all at once. You can spread out your distributions Don't need all of your money all at once? Periodic distributions can be scheduled according to your needs. Generally, periodic distributions can be adjusted annually, meaning if you want quarterly payouts one year and monthly payouts the next year, this distribution preference can be accommodated. The Takeaway Now that you understand the basics of your retirement distribution options, you may need to speak with a financial advisor to determine which option is best for you.