How do I get my money from Empower Retirement? This is a common question among individuals who have retirement accounts with Empower Retirement, a leading provider of retirement services. Whether you’re nearing retirement age or simply looking to access your funds, understanding the process is crucial. In this article, we’ll guide you through the steps to successfully withdraw your money from an Empower Retirement account.
First and foremost, it’s essential to review the terms and conditions of your Empower Retirement account. Each account may have specific rules and requirements for withdrawing funds. Typically, you can access your money through a few different methods:
1. Direct Withdrawal: This is the simplest way to get your money. You can request a direct withdrawal from your Empower Retirement account to your bank account. To do this, log in to your account on the Empower Retirement website or mobile app, navigate to the withdrawal section, and follow the instructions provided.
2. Check Withdrawal: If you prefer receiving a physical check, you can request a check withdrawal. This method may take a few extra days compared to direct withdrawal, as the check needs to be processed and mailed to you.
3. Rollover to Another Retirement Account: If you’re looking to transfer your funds to another retirement account, such as an IRA or 401(k), you can request a rollover. This process involves transferring the funds directly from your Empower Retirement account to the new account.
4. Loan or Withdrawal from a 401(k): If you have a 401(k) account with Empower Retirement, you may be eligible for a loan or hardship withdrawal. These options have specific rules and limitations, so be sure to review the details before proceeding.
Before initiating any withdrawal, it’s important to consider the tax implications. Withdrawals from retirement accounts are generally subject to income tax, and if you’re under age 59½, you may also be subject to a 10% early withdrawal penalty. However, there are exceptions to this rule, such as for medical expenses, education costs, and home purchases.
Here’s a step-by-step guide to help you get your money from Empower Retirement:
1. Log in to your Empower Retirement account: Access your account on the Empower Retirement website or mobile app.
2. Navigate to the withdrawal section: Look for a section labeled “Withdrawals” or “Request Withdrawal.”
3. Select the withdrawal method: Choose the method that best suits your needs, whether it’s a direct withdrawal, check withdrawal, rollover, or loan.
4. Enter the withdrawal amount: Specify the amount of money you wish to withdraw.
5. Review and submit the request: Double-check the details of your withdrawal request and submit it for processing.
6. Wait for processing: Depending on the method you chose, it may take a few days to a few weeks for your withdrawal to be processed and funds to be available in your bank account or received via check.
By following these steps, you should be able to successfully get your money from Empower Retirement. Remember to consult with a financial advisor or tax professional if you have any questions or concerns about the withdrawal process or the tax implications of accessing your retirement funds.
