Your money is always there if you need it

Can I take out my money?

The simple answer: yes, if and when you need to take money from your account, you can simply make a withdrawal. Your WorkLife Account is legally a Roth Individual Retirement Account. It was designed to help you save for retirement over the long term so in many cases there are tax costs for using it before you retire.

To make a withdrawal from your account, you can contact our call center at 1-833-811-7437, Monday – Friday, 9 a.m. to 6 p.m. ET, or complete this form and mail it to the address printed on the form.

What happens if I withdraw money?

If you choose to withdraw money from your account, you could incur penalties and owe taxes.

IRS criteria for withdrawals

Although you can withdraw your contributions at any time without taxes or penalties, the earnings on your contributions are treated differently. If you take money out and you don't meet the IRS criteria for a “qualified” distribution, you will need to include the earnings in your income for the tax year. If you withdraw money from your account before you turn age 59½ by requesting a “nonqualified” distribution, you’ll pay a 10% penalty on the earnings portion of your distribution.

These costs are not large: For example, if you withdraw $100 from your Emergency Savings Fund (before you turn 59½) you could expect to pay approximately about 40¢ in penalties and taxes. You may wish to consult a tax advisor to be sure you understand the impact of any withdrawals you make. You can get more detail here.

Can I move my money to another IRA?

Yes. You can transfer savings in your WorkLife Account to another IRA you own without incurring a penalty or paying taxes, as long as the transfer takes place between the accounts. Just remember that the IRS lets you make only one rollover in a 12-month period and this limit applies to all IRA types (both Traditional and Roth).