If you’ve spent years building up your retirement savings in a 401(k) or company-sponsored plan, you probably haven’t had to think much about it—contributions happened automatically with each paycheck, and your balance grew quietly in the background.

But when it’s time to use that money, things can get more complicated—and the decisions you make could have long-term consequences for your retirement.

A Common (Hypothetical) Scenario

Let’s say you’re 62 and recently retired. You’ve built a solid nest egg in your 401(k), but now you’re wondering:

Should I leave the money in the plan? Roll it to an IRA? Convert to a Roth? Take the cash and run?

There’s no one right answer—but there are plenty of smart options depending on your needs, tax bracket, income strategy, and goals for the future.

And with new rules around Required Minimum Distributions (RMDs) and early withdrawal penalties, the timing of these decisions matters more than ever.

6 Smart Options to Consider

Here are six paths people often take with their company retirement plans:

1. Convert to a Roth IRA
2. Convert to Roth Plan Assets
3. Take a Lump-Sum Distribution
4. Leave It in the Current Plan
5. Move It to a New Employer’s Plan
6. Roll It Over to an IRA

Each of these options comes with its own set of rules, tax considerations, and potential benefits—or pitfalls.

Want a Deeper Look?

To help you navigate these choices, we’re sharing a resource created by our friends at Ed Slott and Company:

📄 Download the guide: 6 Options for a Distribution from a Company Plan

This free guide walks through each option in more detail, outlining the pros, cons, and key considerations to help you make a smart move with your hard-earned savings.

⚠️ Keep in mind: Some strategies are only available at the time you access your funds—so it’s important to understand the full picture before making a decision.

Let’s Make a Confident Plan

At Richmond Brothers, our purpose is to help you live fearlessly into and beyond retirement. We’re here to help you create an income plan that supports your lifestyle, protects against surprises, and gives you confidence in every season of retirement.

If you’d like to talk through which strategy might be best for your situation, give us a call at 517-435-4040 or email us at questions@richmondbrothers.com. We’re always happy to help you make confident, informed decisions about your future.