It may seem like the easiest thing to do, but taking a cash distribution could affect your ability to meet your future retirement needs. This calculator will show how much you would pay in taxes and penalties if you cashed out your retirement plan.
Enter your information
| 5 | |
| 5 | |
| Expected annual return on savings | 5 |
| 5 | |
| 45 | |
| 45 | |
| My target retirement age | 67 |
| 67 | |
Here's the impact of taking the cash vs. rolling it over
Option 1: Take a $0 cash distribution
Value after taxes
Taxes and penalties could
cost you $0!
Keep in mind, it could take you…
less than a year
to get back to where you are now.
Option 2: Roll over to an IRA
If you roll over to an IRA, when you retire in 27 years these savings could be worth
$0
Learn more
If you still feel like this is the best option, proceed with the distribution
This is a hypothetical illustration used for informational purposes only and reflects #% federal income tax rate and #% state income tax rate plus a 10% IRS early withdrawal penalty on the cash distribution amount and information as entered by you. The example assumes #% average annual return on the rollover and the reinvested cash distribution. Assuming the same factors, if reinvested in a taxable account for # years, the cash distribution could add up to $# and staying in the plan until target retirement age could add up to $#. Note that employer contributions are not factored in future calculations. This calculator is intended to provide general information about the impact of taking a cash distribution. Individual circumstances may vary and there is no guarantee that the results shown will be achieved or maintained over any time period. Past performance does not guarantee future results. You may want to seek advice from your tax advisor about your particular situation.
There are advantages and disadvantages to all rollover options; you are encouraged to review your options to determine if staying in a retirement plan, rolling over to an IRA or another option is best for you.
John Hancock Personal Financial Services, LLC (JHPFS) is an SEC-registered investment advisor.
John Hancock Personal Financial Services, LLC, 200 Berkeley Street, Boston, MA 02116.
NOT FDIC INSURED. MAY LOSE VALUE. NOT BANK GUARANTEED.
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