Highlights

1. One America offers retirement plans, life insurance, and financial services for future planning.
2.  You may need to transfer funds from One America due to retirement, job change, emergencies, or investment shifts.
3. Two main options for transferring money are direct transfer (rollover) or withdrawal, each with tax implications.
4. The transfer process involves contacting customer service, completing paperwork, and monitoring accounts.
5. Withdrawing from a 401(k) may trigger penalties and taxes, especially if done before age 59½.

Need to transfer money out of OneAmerica but unsure where to start? Maybe you’re switching banks, paying off a big purchase, consolidating accounts, or rolling over funds into an IRA or investment account. Whatever the reason, transferring your money doesn’t have to be stressful or time-consuming. 

In this guide, we’ll explore how you can move your funds, whether a simple bank transfer, wire transfer, or even a 401(k) rollover. We’ll also cover key steps to ensure the process is smooth, how to avoid unnecessary fees, and what to expect with processing times. 

What Is One America?

Before discussing how to transfer money out of one America, let’s briefly talk about One America. One America is a financial company that offers a variety of products, including retirement plans like 401(k)s, life insurance, and other insurance services. It helps people save and plan for their futures by offering solutions that help them invest their money wisely.

However, sometimes life throws curveballs, and you might need to access those funds sooner than expected. That’s when you need to understand how to pull money out of One America.

Why Would You Need to Transfer Money from One America?

There are many reasons why you might need to transfer or withdraw money from One America:

• Retirement: You’ve reached retirement age and are ready to access your savings.
• Job Change: You’ve left your job and want to roll over your 401(k) to a new employer’s plan or an IRA.
• Emergency: You need funds due to unexpected medical bills, home repairs, or other urgent needs.
• Investment Shift: You want to move your money to another financial institution or investment option.

What Are Your Options for Transferring Money?

There are typically two common ways you can transfer or withdraw money from One America:

1. Direct Transfer (Rollover): This option is great if you move money from one retirement account to another, like rolling over a 401(k) from One America to an IRA. You can ask One America to transfer funds to your new account, avoiding taxes or penalties.
2. Withdrawal: This option is for when you need the money in hand, not just transferring it to another account. You should be aware that this can come with taxes and penalties, depending on your age and the type of account.

Let’s break down these options and the steps you must take for each.

How to Transfer Money Out of One America?

Here’s a step-by-step guide on how to transfer money out of One America smoothly:

1. Contact One America Customer Service

First, you’ll want to contact One America’s customer service or log into your online account. You’ll be able to find detailed instructions there on how to initiate the transfer process. You may need to provide some personal information, including your account details.

2. Choose Between Direct Transfer or Withdrawal

As mentioned, you need to decide whether to roll the money over into another account or take a direct withdrawal.

• Direct Transfer: If you’re moving funds to another retirement account, ensure the receiving institution (such as your new 401(k) provider or an IRA) is ready to accept the funds. You will need their account details to provide to One America.
• Withdrawal: If you’re pulling money out of One America for personal use, just know that taxes and possible early withdrawal penalties could apply if you’re under 59½.

3. Fill Out the Required Paperwork

One America may require you to complete certain forms for the transfer or withdrawal. This could be done online, or they may mail you the paperwork to fill out. Be sure to provide accurate information to avoid any delays.

4. Submit Documentation and Wait for Approval

Once the paperwork is submitted, One America will process the request. This can take a few days to a few weeks, depending on the type of transfer. Keep an eye on your account for any updates or additional information that may be requested.

5. Monitor Your New Account

If you’re rolling over your funds, monitor your new account to confirm the completed transfer. If you’re withdrawing, check your bank account to ensure the funds have arrived safely.

Once your funds are transferred or withdrawn, thinking about what comes next is crucial. A great option to consider is Blackstone Commodity Group precious metals IRA company, a firm with over a decade of experience in commodities and self directed IRA investment options. We provide clients with the tools to invest in physical gold, precious metals, major cryptocurrencies, and real estate. 

How to Withdraw from One America 401(k)?

Now, let’s talk about withdrawing from your One America 401(k). If you’ve had a 401(k) through your employer managed by One America, you might be ready to tap into those funds. Here’s how:

1. Review Your Plan’s Rules

Each 401(k) plan has different rules, especially regarding withdrawing money. Check with your employer or One America for specific guidelines.

2. Understand Tax Implications

When withdrawing from a 401(k), you may face taxes on the amount you withdraw since this money was deposited tax-free. Also, if you’re under 59½, there could be a 10% early withdrawal penalty untill you qualify for specific exceptions (like medical expenses or buying a home).

3. Request the Withdrawal

Once you’ve decided, contact One America or your employer’s benefits department to begin the withdrawal process. They’ll guide you in filling out the necessary forms.

4. Consider Rolling It Over

If you’re not yet ready to retire but want to switch jobs or manage your 401(k), consider a rollover. This moves your money from One America’s 401(k) into an IRA or another employer’s plan without triggering taxes or penalties.

What Are the Fees and Penalties?

While transferring money between accounts usually doesn’t come with extra fees, withdrawing money early from retirement can trigger taxes and penalties. Here are a few things to watch out for:

• Early Withdrawal Penalty: Most retirement accounts charge a 10% penalty on withdrawals made before age 5912.
• Taxes: Withdrawn money from retirement accounts is often considered taxable, meaning you’ll owe federal income tax on the amount you take out.

Can You Avoid Penalties?

Yes, you can avoid penalties in certain cases, such as:

• Reaching Age 59½: You can withdraw without the 10% penalty.
• Medical Hardship: Some withdrawals for medical expenses or disability are penalty-free.
• First-Time Home Purchase: Certain accounts allow penalty-free withdrawals for a first-time home purchase.

Summary

Transferring money from One America doesn’t have to be a difficult process. Whether rolling over funds to another account or withdrawing for personal reasons, just ensure you understand the rules and any potential tax or penalty implications. If you’re still unsure how to withdraw money out of One America, don’t hesitate to contact One America’s customer support for detailed help tailored to your situation.

Disclaimer

The content provided on this blog is for informational and educational purposes only and does not constitute financial or investment advice. While we strive to provide accurate and up-to-date information, you should not rely on this content as a substitute for professional financial advice. Any financial decisions you make are done so at your own risk, and we encourage you to consult with a licensed financial advisor before making any investment decisions. 

The views and opinions expressed in this blog are solely those of the authors and do not necessarily reflect the views of any affiliated entities. The information presented here is not intended as a solicitation or recommendation to buy, sell, or hold any financial product.