Agent Owner, Gilmore Insurance Services, Marysville, Washington State
Can you cash in your retirement plan? Unfortunately the ability to cash out a retirement plan is very easy to do. Billions get cashed out early every year, even with penalties and additional taxes involved, it does not sway some people from emptying their retirement accounts for not always the best reasons. Cashing out a retirement plan early should be the very last resort for a person. Basically you are wiping the slate clean and will need to start over. If you have to, you have to, but only if you really have to.
I should preface this by saying you should explore alternatives before you do surrender a retirement plan since in addition to lost savings there are tax consequences.
In Canada, whether you can cash in you retirement plan depends on what type of plan you have. Individual Registered Registered Retirement Savings Plans (RRSP) can be surrendered. Group Pension Plans cannot be surrendered while you are part of the plan. When you leave the plan whether you can access funds or are required to transfer to a locked in RRSP depends on a number of factors. It depends.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
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In Canada, whether you can cash in you retirement plan depends on what type of plan you have. Individual Registered Registered Retirement Savings Plans (RRSP) can be surrendered. Group Pension Plans cannot be surrendered while you are part of the plan. When you leave the plan whether you can access funds or are required to transfer to a locked in RRSP depends on a number of factors. It depends.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.