Banking products are provided by Bank of America, N.A. and affiliated banks. Members FDIC and wholly owned subsidiaries of Bank of America Corporation.
1 Asset allocation, diversification and rebalancing do not assure a profit or protect against loss in declining markets.
2 Withdrawals made prior to age 59 ½ may be subject to a 10% penalty tax.
3 If you receive a check made out to you, your former employer is required to withhold 20% of the total amount, and when you deposit the check you must make up that percentage from your own resources. You can apply at tax time to get the withheld 20% back, but it could be a long way off. A better approach is to roll the money over without ever receiving it directly.