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Posted: Aug 12, 2024 2:43 PMUpdated: Aug 12, 2024 2:43 PM
Arvest Wealth Management to Offer Retirement Savings Sessions for Phillips 66, ConocoPhillips and Chevron Phillips
Nathan Thompson
Arvest Wealth Management will host retirement savings educational sessions by appointment for current and past employees of Phillips 66, ConocoPhillips and Chevron Phillips at Arvest’s downtown Bartlesville location, 100 SE Frank Phillips Blvd.
“When your employment situation changes, there are a variety of options that are available in taking distributions from your employer-sponsored retirement savings plan,” said David Nelson, Arvest Wealth Management Regional Manager. “During our individualized retirement planning sessions, we will share retirement savings options particular to your situation to discuss with your financial advisor. There are resources available to help you invest and grow your retirement savings.”
To schedule a Retirement Planning Session, at no charge, for current or past employees of Phillips 66, ConocoPhillips and Chevron Phillips, please call Scott Mason at 918-337-3313 or email smason2@arvest.com
Retirement Savings Plan Options Available:
Option One: Leave the money in the plan.
Your account could benefit from continued tax-deferred growth, or potentially tax-free growth for Roth accounts.
Your plan may offer certain investment opportunities an IRA can’t replicate.
You may receive penalty-free distributions as early as age 55, compared with age 59½ for IRAs.
Option Two: Roll your retirement funds over to an IRA.
You can roll over distributions to a Traditional Roth or Roth IRA as allowed.
Your account can potentially benefit from continued tax-deferred or tax-free growth.
There may be more investment options with an IRA than with an employer plan.
You can freely move your money among the various investments offered by your IRA trustee.
You typically choose the timing and amount of distributions in an IRA, but you must start taking required minimum distributions (RMDs) from traditional IRAs after reaching age 73.
During your lifetime, you do not have to make any required distributions from Roth IRAs.
Option Three: Roll the retirement funds over to your new employer's plan, if the plan accepts rollovers.
This move offers the same advantages as choosing to leave your money in the plan.
You can consolidate your employer plan retirement savings.
You may be eligible for a plan loan, and you may be able to delay required distributions beyond age 73.
Option Four: Choose no rollover and, instead, take the lump-sum distribution of your retirement funds in cash and securities, if applicable.
All or part of your distribution may be subject to federal and/or state taxes. The taxable portion may be subject to an additional 10% early distribution penalty tax if you haven't reached age 55 or 50 for qualified public safety employees.
You may lose the benefit of continued tax-deferred or tax-free growth.
A professional can help ensure you are factoring in all items that could impact your retirement funds, depending on the option you choose.
“It can be a challenge knowing if you are making the right decisions when adjusting your retirement savings plan,” Nelson said. “While there is no guarantee that working with a financial professional will improve investment results, it is possible that professional guidance will provide increased peace of mind and help ensure you are considering the best options for your unique circumstances.”
Arvest Wealth Management does not offer tax or legal advice – consult a professional.
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