Beneficiaries for Your Lump Sum Money

When leaving the DROP (Deferred Retirement Option Program), you have a significant decision regarding your lump-sum payment. Your options are:

Lump-Sum Payment: A 20% federal income tax is withheld, and the entire amount is taxable as ordinary income.
Direct Rollover: A 100% rollover to a self-directed IRA, with no taxes due on the rollover.
Combination: Part lump-sum payment (with 20% tax withholding) and part rollover to a new IRA without taxes.

What is a “Self-Directed IRA”?

A Self-Directed IRA allows for more diverse investment options, giving you control over your retirement funds.

DROP Exit Paperwork: Fraser can help you complete your DROP termination paperwork correctly and on time.
Setting Up IRA: Fraser can assist in establishing your new Self-Directed IRA Rollover account properly.

Additional Considerations

Beneficiary Confirmation: Ensure FRS DROP has your correct beneficiaries named.
Updating Forms: Determine if your DROP beneficiary forms need updating.
Changing Beneficiaries: Learn how to change your beneficiaries with FRS DROP.

Importance of a Will or Trust

Having a will or trust is crucial for managing your estate and ensuring your wishes are followed. These are important financial matters for you and your family.

Contact for Assistance

For more information and assistance with FRS DROP beneficiary forms, contact Fraser Allport, your Florida DROP Specialist.

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.