Congratulations, you have saved up your hard earned money for retirement. All your planning and monitoring has paid off and now you really have something to show for it. This section will take you through the options you have when taking a distribution from your 401(k) plan upon retirement.
At retirement, you have to decide how you would like to take money out of your 401(k) plan. Your choices include a lump-sum distribution, an annuity, rollover to a traditional IRA, or rollover to another retirement plan (if you go to work for another employer). In addition, you need to be aware that, after you reach the age of 70½, it will be mandatory that you start taking distributions.
Deposit and Loan Products are offered to qualified customers by Sonabank. See specific deposit and loan product pages on this website for more detailed information. Sonabank is a MEMBER FDIC and an EQUAL HOUSING LENDER.
Investment and Insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. Sonabank Investments is a trade name of the bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are: