We Know Exactly How You’re Feeling
It’s Up to You to Take a Leap of Faith
At JK Financial, we’ve been where you are. Nearly twenty years ago, our founder, Jonathan Kanovsky, was in your shoes as a New York City civil servant. Today, he provides retirement solutions to those looking to turn the end of their careers into their next chapter.
We get it - giving up your normal routine, your favorite place to grab a coffee in the morning (or at night if you work the lobster shift), your coworkers and steady paycheck can be scary. But, working hard and planning for this moment can make all the difference.
Have No Fear...Take the Leap
And Enjoy What You’ve Worked So Hard For
Ideally, you started thinking about your retirement within a few years of employment and have already contributed to a 457 plan, ROTH 401(k) and have an excess in your pension account. As you near this next chapter, some additional considerations may include:
Terminal Leave Payout
Are there ways to reduce the tax effect of this payout?
Pension Options
What happens if the unexpected occurs?
Monthly Pension Payment
Will this amount cover my monthly expenses?
Final Pension Loan (Taxable)
Should I roll it over?
Final Pension Loan (Tax-Free)
Should I use it to eliminate debt?
DROP Funds
Should I roll it over?
Annuity Fund from Unions
Should I roll it over?
457 Deferred Compensation Plan
Should I roll it over?
One important factor that is often overlooked by financial professionals not familiar with the above is the tax-free status of some of these funds. It is important to consider the potential tax impact when discussing their distribution and how you may be affected.