Important Ages for Your 401(k)
In any industry there are important numbers. For our Entergy clients those numbers are 55 and 59 ½. These are the ages that you have to make important decisions regarding your Entergy pension. Of course at age 55 you become eligible to begin taking your pension, but are you aware that your Entergy Savings Plan has a provision that eliminates the age 59 ½ concern?
If you retire or lose your job through the Human Capital Management program in the year in which you turn 55, there is a way that you can access your 401(k) WITHOUT paying a 10% penalty. How? Leave your money in the 401(k) and start an income. Entergy has a provision in your 401(k) that allows you to leave your money in the 401(k) at T Rowe Price and start an income. However, you must leave all the money in the 401(k) and you may only start and stop the income one time. This differs from IRS Rule 72T in that there is no required period of time that you must take the income. Also, you may decide how much income that you want each month, rather than some IRS formula that calculates how much you get.
This is just one example of the insight the financial advisors at Sound Financial Strategies Group have into the Entergy Pension program. When we work with our Entergy clients, we dig deep into the program to do everything we can to help you get the best financial solution for you and your family. As an Entergy employee you have significantly more options than simply rolling your 401(k) into an annuity a year before you retire. Call us for a free consultation and start getting the most out of your Entergy retirement benefits today!
Investment advisory services offered through Sound Financial Strategies Group, Inc.("SFSG"), a Registered Investment Adviser. Securities offered through Comprehensive Asset Management and Servicing, Inc., ("CAMAS") Member FINRA/SIPC. SFSG and CAMAS are separate and unrelated companies. Neither SFSG nor CAMAS are endorsed by, retained by, or affiliated with Entergy. CAMAS does not offer tax or legal advice.
Posted on Mon, July 21, 2014
by Sound Financial Strategies Group