How to Get My Money from Empower Retirement
Retirement is a significant milestone in one’s life, and ensuring that your financial plans are in place is crucial. If you are a participant in the Empower Retirement plan, you might be wondering how to access your funds once you reach retirement age. This article will guide you through the process of getting your money from Empower Retirement, ensuring a smooth transition into your golden years.
Understanding Your Account
Before you begin the process of accessing your Empower Retirement funds, it is essential to understand the details of your account. This includes the amount of money you have accumulated, the investment options available, and any fees or penalties associated with withdrawing funds. Review your account statement and contact Empower Retirement customer service if you have any questions or need assistance.
Meeting the Eligibility Requirements
To withdraw funds from your Empower Retirement account, you must meet certain eligibility requirements. Typically, you must be at least 59½ years old or have a qualifying event, such as disability or death. It is important to verify your eligibility before proceeding with the withdrawal process.
Choosing Your Withdrawal Option
Empower Retirement offers various withdrawal options to suit your retirement needs. These include:
1. Single Withdrawal: This option allows you to withdraw your entire balance in one lump sum.
2. Systematic Withdrawal: This option allows you to withdraw a fixed amount at regular intervals, such as monthly or quarterly.
3. Required Minimum Distribution (RMD): If you are over 72 years old, you are required to take an RMD each year. Empower Retirement can help you calculate and manage your RMDs.
Initiating the Withdrawal Process
Once you have chosen your withdrawal option, you can initiate the process by logging into your Empower Retirement account online. Follow these steps:
1. Navigate to the “Withdrawals” section of your account.
2. Select the withdrawal option you prefer.
3. Enter the amount you wish to withdraw or the frequency of your systematic withdrawals.
4. Review the withdrawal details and confirm your request.
Understanding Tax Implications
It is important to understand the tax implications of withdrawing funds from your Empower Retirement account. Withdrawals are generally considered taxable income, and you may be subject to federal and state taxes. Consult with a tax professional to ensure you are aware of the potential tax consequences and to plan accordingly.
Reviewing Your Withdrawal
After submitting your withdrawal request, Empower Retirement will review your application and process the withdrawal. You will receive confirmation of your withdrawal, and the funds will be deposited into your designated account.
Seeking Assistance
If you encounter any issues or have questions during the withdrawal process, do not hesitate to contact Empower Retirement customer service. Their team of professionals is available to assist you and ensure a smooth transition into retirement.
In conclusion, accessing your money from Empower Retirement is a straightforward process once you meet the eligibility requirements and choose the appropriate withdrawal option. By understanding your account, meeting the necessary criteria, and following the outlined steps, you can ensure a seamless transition into your retirement years.
