401(k) | Investing | Redstone Federal Credit Union

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and plan for what’s next

401(k)

Should you transfer your 401(k) to an IRA? If you have a 401(k) and are approaching retirement or changing jobs, consider a rollover IRA. A rollover is merely a transfer of 401(k) plan assets from your 401(k) to your IRA. If done correctly, it is not a taxable event.

Before deciding whether to leave your money in your former employer’s 401(k) or transfer it to an IRA of your choosing, here are few tips to keep in mind:

Know and understand your 401(k) options

If you left your 401(k) with a former employer, you have four options:

  • Roll your assets into an IRA: This may give you a wider range of investment choices. If you have more than one 401(k), you might want to consolidate your multiple 401(k) accounts from more than one previous employer.
  • Consider annuities: An annuity may provide you with a guaranteed lifetime income. All guarantees are subject to the claims paying ability of the issuing insurance company.
  • Keep it in an employer plan: If you like your current employer’s plan, leave your money there.
  • Take a lump sum distribution: Your former employer may withhold a percentage, the amount of the distribution will be taxable in the year received and an IRS early distribution tax penalty will apply.

We recommend you discuss each of these alternatives for your 401(k) with one of our Financial Consultants. They can help you identify which option is best based on your retirement goals and current financial situation.

Borrow up to

$424,100

Buying in TN? Some counties are eligible for higher loan limits.
Click here for more details.

Finance up to

95%

of purchase price or appraised value, whichever is less.

You may also want to consider

VA loans

What are the benefits of rolling a 401(k) over to an IRA?

Freedom to invest your retirement funds how you prefer

Hands-on help with allocating and diversifying your assets

More control since you aren’t limited to your previous employer’s retirement plan or administration fees

Featured Rates:

Interest rate as low as:APR as low as:
10 Year Adjustable Rate Mortgage3.375%4.091%
30 Year Fixed VA Loan4.250%4.537%
Home Equity Line of Credit (HELOC)N/A4.625%

How it works:

  • You choose the down payment amount, either 5% or 10% 
  • We finance 80% of the purchase price or appraised value, whichever is less
  • The remainder is financed as a second mortgage or home equity loan

Need help with your down payment or closing costs? We offer assistance programs to first-time home buyers, veterans, and community partners.
See if you’re eligible
Learn more about Private Mortgage Insurance , including Lender-Paid and Borrower-Paid.

Save even more on your homeowners insurance with these discounts!

Green Home Discount

Offered to owners of LEED-certified environmentally-friendly homes


Multi-Policy Discount

You’ll save when you have more than one policy with Redstone Insurance Services

Home Buyer Discount

For members who have purchased their home in the previous year


Protective Devices Discount

Offered to members who own homes with alarms, detectors, and other security systems

Loss-Free Discount

Available to members who haven’t had a recent homeowner loss


Early Quote Discount

You may be eligible for a discount if you get a new Redstone Insurance Services quote before your current policy expires

A Redstone Brokerage Services Financial Consultant can explain your options, walk you through the entire process, and assist you with the necessary paperwork

Home Equity Line of Credit

Borrow up to

$150,000

Minimum loan amount $10,000.

Finance up to

100%

of the appraised value of your home

APR as low as

4.625%

Key Features

  • Variable rate, tied to Prime.
  • Borrow funds as needed. Advance through online banking or access with your HELOC Visa credit card.
  • Payments are due on the 15th of every month.
  • Minimum monthly payment is 1.5% of outstanding balance or $100.00, whichever is greater.
  • May be eligible for tax benefits on interest (check with your tax advisor).
  • No annual fee, no appraisal fee, no closing costs.

Ready to apply for a Home Equity Line of Credit? It’s easy!

EVERY Redstone Visa credit card includes all of these features

Convenience

Quick and easy purchases 

Visa is accepted all over the world

Warranty Manager Service: additional product registration to extend the manufacturer's original warranty on products you buy

Security

Zero-liability fraud protection

Monitor credit card activity with Credit Card Control

Real-time fraud monitoring and fraud text alerts

Identity theft assistance

Savings & Discounts

With Visa SavingsEdge®, you’ll receive discounts at select retailers when you use your Visa credit card.

Redstone Discounts!® when you use your card at many local businesses.

Additional Benefits    

Travel and Emergency Assistance

24-hour Roadside Dispatch service

Auto Rental Collision Damage Waiver insurance coverage for cars rented with your Visa card

Warranty Manager Service manage, use, and extend the warranties of eligible items purchased with your Visa card

Securities offered through LPL Financial, member  FINRA/SIPC.  Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Redstone Federal Credit Union® deposits and are not NCUA insured. These products are not obligations of the Redstone Federal Credit Union and are not endorsed, recommended, or guaranteed by Redstone Federal Credit Union or any government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.  The investment products are being offered by an employee of Redstone Federal Credit Union who is also a registered representative of and sells products on behalf of LPL Financial.

The services offered within this investment site are available exclusively through our U.S. registered representatives and are available for U.S. residents only. LPL Financial U.S. registered representatives may only conduct business with residents of the states for which they are properly registered. Please note that not all of the investments and services mentioned are available in every state.

RFCU and Redstone Brokerage Services are not registered broker/dealers.  LPL Financial is a separate entity from and not affiliated with RFCU or Redstone Brokerage Services.  RFCU does not warrant, guarantee, or insure any product or service offered by LPL or Redstone Brokerage Services. Redstone Brokerage Services and RFCU do not provide tax advice.  Please consult your tax advisor for your specific questions.

Must be RFCU member to obtain investment products.  Must be eligible for membership and open a share savings account in order to join.  A $5.00 minimum balance is required to open and mus be maintained in share savings account at all times.  Fees and other restrictions may apply.  RFCU and Redstone Brokerage Services are affiliated but separate entities.

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FEATURED RATES

Balance transfer0% APR for 12 mos

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30-year fixed mortgage low 3.375% / 3.501%

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New auto loans as low as 2.35%

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Personal loans as low as 9.99% APR

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Join the Conversation #RedstoneFCU

What Will Your Business Do With 5% CashBack?

Live Brighter: Welcoming the Next 65 Years. Click to learn all about it. http://bit.ly/2dqy6Ka   #RFCU65 #creditunion

Live Brighter: Welcoming the Next 65 Years. Click to learn all about it. http://bit.ly/2dqy6Ka   #RFCU65 #creditunion

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Are you ready to join the credit union that puts you first? Become a member of the Redstone family and you’ll start enjoying the great rates, personalized financial advice, and excellent customer service Redstone is known for.

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