Medway & Millis April 2020

April 2020 Medway & Millis Local Town Pages www.localtownpages.com Page 27
What to Do with Rollover Funds
At some point, many people
with retirement or employersponsored
investment accounts
will be faced with the decision
of what to do with rollover
funds. This can happen when
you change jobs or when you
retire. In any case, it’s important
to think through your options.
Ideally, it’s best to choose
a strategy that meets your retirement
needs, minimizes the
impact of taxes, and avoids
penalties.
Please note that this is a general
overview, and tax laws can
be tricky, so be sure to talk to an
accountant and/or tax attorney
before making your final decision.
Roll it over.
One possible option is to
directly roll your entire distribution
into an individual retirement
account (IRA) or the
employer-sponsored 401(k) at
your new job. Either option will
allow you to continue to defer
taxes and enable you to continue
building your retirement
savings for the future.
Leave it where it is.
You may want to keep funds
in your employer’s plan, if that’s
an option. This may be ideal if
you want to take advantage of
certain investment options or
managed money services available
in your existing plan. Your
funds will remain tax-deferred
and can later be moved, if you
wish, to a new employer’s qualified
plan or an IRA.
Take the taxable
distribution.
Depending on your situation,
you may choose to withdraw
the funds from your
401(k). Although this will give
you immediate access to your
savings, there are a few things to
consider before taking a lumpsum
distribution.
First, your money will no
longer have the potential to
grow tax deferred. Second,
it will be subject to ordinary
state and federal income taxes.
Third, if you are under age
59½, a 10% IRS penalty may
apply.
Please note: Rollovers must
be completed no later than
the 60th day after the day you
receive the distribution. To
avoid any possibility of missing
the deadline, have the money
moved electronically from one
account to the other. (This is
known as a direct rollover.)
This educational, third-party
article is provided as a courtesy by
Michael Damon, Registered Representative,
New York Life Insurance
Company. To learn more about the
information or topics discussed, please
contact Mike Damon at (508) 321-
2101.
Neither New York Life, nor its
agents, provides tax, legal, or accounting
advice. Please consult with your
professional advisor for tax, legal, or
accounting advice.
NURSING HOMES
continued from page 26
provide Facetime or Skype, so
that they can better stay in touch
with their loved ones.
Working with the facility is
important, especially in terms
of staffing, which might be even
more limited due to illness, says
Noonan. “You have to balance
care for the patient with giving
information.” In the best-case
scenario, she says, “You want to
try to consolidate and have one
person, one point of contact, so
that you don’t impede care, but
you are still able to get information.”
If you strongly feel the information
you do get on your loved
one reveals negligence, or you
feel the facility is being unreasonable,
Noonan explains that
families always have the right to
report serious issues to the Department
of Public Health.
“I do tell people to try to go
through the chain of command.
If (there’s a problem with a
nurse), go to a supervisor. If it’s a
problem with that person, try to
go to the director of nursing. But
if it’s that serious, you want to go
to the state. Every nursing home
in the state has something called
an ombudsman, and that person
kind of functions as an advocate
within that nursing home, so you
can contact them.”
According the Nursing Home
Consumer Information page at
the Commonwealth of Massachusetts’
site, (https://www.mass.
gov/how-to/file-a-complaintregarding-a-nursing-homeor-other-health-care-facility
),
families are encouraged to use
this avenue to raise any concerns
about their nursing homes with
the Long-term Care Ombudsman.
“Most often,” it reads, “the
facility will be able to begin addressing
your concerns immediately
and give you information
about the facility’s complaint/
grievance procedure.”
“Most nursing homes are
there to do what’s right for the
patients,” says Noonan, “and
families and nursing homes need
to work together.”
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Michael T. Damon
Financial Adviser*
Damon Financial, LLC**
45 Milford Street, Suite 3
Medway, MA 02053
(508) 321-2101
Mike@DamonFinancial.com
DamonFinancial.com
Registered Representative offering investments through
NYLIFE Securities LLC (member FINRA/SIPC),
A licensed Insurance Agency and wholly owned
subsidiary of New York Life Insurance and an agent
licensed to sell insurance through New York Life
Insurance Company and may be licensed to sell
insurance through various other independent
unaffiliated companies.
*Financial Adviser offering investment advisory Services
through Eagle Strategies LLC, a Registered Investment
Adviser.
** Damon Financial, LLC is not owned or operated by
NYLIFE Securities LLC or its affiliates.