Managing Your DROP Lump Sum: Three Payment Options
When you retire from the DROP (Deferred Retirement Option Program), your lump-sum payment can be managed in one of three ways:
- Lump-Sum Payment: Receive a lump-sum payment with 20% withheld for federal income taxes.
- Tax-Free Rollover: Roll over 100% of the lump sum to a self-directed IRA without immediate tax implications.
- Combination: Take a partial lump-sum payment (with 20% withheld for taxes) and roll the remainder into a self-directed IRA tax-free.
Understanding Self-Directed IRAs
A self-directed IRA allows for diverse investment options beyond traditional IRAs.
Important Steps for Managing Your DROP:
- Complete DROP Exit Paperwork: Fraser can help you complete the necessary termination paperwork accurately and on time.
- Establish a Self-Directed IRA: Fraser assists in setting up your new IRA rollover account properly.
- Investment Strategy: Together, choose prudent investments for your rollover money to ensure long-term growth.
- Guaranteed Lifetime Income: Set up your IRA to provide a guaranteed monthly income for life.
Maximize Your Retirement Income
Wise planning can secure three guaranteed lifetime income streams: DROP, Social Security, and IRA payments. This provides financial stability and peace of mind.
Importance of Understanding Your DROP
- Complexity: The DROP involves various forms, choices, decisions, and deadlines.
- Rules and Responsibilities: Understand the rules, regulations, and your rights within the DROP system.
- Active Involvement: Engage with your retirement money to make informed decisions. Every day in the DROP counts towards your financial future.
Complimentary Consultation
Fraser Allport offers a complimentary phone consultation to answer your DROP questions. Planning for retirement early is crucial for financial security.
Contact Information:
Phone:
386.882.6256
Email:
retirement@fraserallport.com
Secure your financial future today with professional guidance and comprehensive retirement planning.
Fraser Allport: Your Trusted Guide to a Secure Retirement
For over 42 years, Fraser Allport has been a leading financial professional in Florida, specializing in retirement planning. He's committed to helping individuals in Daytona Beach, Port Orange, Space Coast, and Palm Coast navigate the complexities of retirement with confidence.
Why Choose Fraser Allport?
* Proven Expertise: As a Fiduciary, Investment Advisor, and Certified Estate Planner™, Fraser brings a wealth of knowledge and experience to the table.
* Independent and Objective: Fraser works for you, not a big company or bank, ensuring unbiased advice.
* Comprehensive Services: From DROP planning and 401(k) rollovers to IRA strategies and estate planning, Fraser offers a full spectrum of services.
* Local Focus: He understands the unique needs of Florida residents, including those in Daytona Beach, Port Orange, Space Coast, and Palm Coast.
Specializing in DROP Planning
Fraser is a recognized Florida DROP Specialist. He helps clients navigate the intricacies of the Deferred Retirement Option Plan (DROP), maximizing their retirement savings. This includes:
* Optimizing un-used DROP sick and vacation days
* Developing a customized action plan for your DROP
* Ensuring you make informed decisions about your retirement funds
Beyond DROP: A Holistic Approach
Fraser's services extend beyond DROP, offering a comprehensive approach to retirement planning:
* Retirement Planning: Tailoring your retirement plan to achieve your goals, whether it's a 401(k) rollover, an inherited IRA, or choosing the best Roth IRA.
* Tax Minimization: Developing strategies to minimize your tax burden in retirement.
* Estate Planning: Creating a plan to protect your assets and ensure a smooth transition for your loved ones.
* Home Health Care: Developing a personalized plan for your home health care needs.
* Annuities and IRAs: Exploring these options to secure your financial future.
Get Your Free Consultation
Don't wait to secure your retirement. Contact Fraser Allport today at 386.882.6256 for a complimentary consultation.
Learn More Online
Website:
DROP Articles:
https://fraserallport.com/florida-drop-library/
Estate Planning Services:
https://nicep.org/profile/fraser-allport-id-908
Biography and Credentials:
YouTube Channel:
https://www.youtube.com/channel/UCJIvncPq8Up5ptDiEUT3bJA
Social Media:
Twitter: https://twitter.com/fraserallport
LinkedIn: https://www.linkedin.com/in/fraserallport/
Prepare for Retirement ...
and prepare for Longevity.
Because of his Knowledge and Experience for 42 Years ...
Fraser Allport is ... " The Total Advisor™ "
