How do I close my Empower Retirement account? If you’re considering closing your Empower Retirement account, it’s important to understand the process and the potential implications. This article will guide you through the steps to close your account, as well as provide some considerations to keep in mind before making this decision.
Firstly, it’s essential to review your account agreement and any relevant documents to ensure you are aware of the terms and conditions for closing your account. Empower Retirement typically requires you to contact their customer service department to initiate the closure process.
Here’s a step-by-step guide on how to close your Empower Retirement account:
- Contact Customer Service: Call Empower Retirement’s customer service at 1-866-745-2678 or visit their website to request a closure form.
- Complete the Closure Form: Fill out the closure form provided by Empower Retirement, ensuring you provide all necessary information and sign the form.
- Submit the Form: Mail the completed closure form to the address provided by Empower Retirement. Alternatively, you may be able to submit the form online if the option is available.
- Wait for Confirmation: After submitting the form, Empower Retirement will review your request and may contact you for additional information if needed. Once your account is closed, you will receive confirmation via mail or email.
Before closing your Empower Retirement account, consider the following:
- Penalties and Fees: Be aware of any penalties or fees associated with closing your account, such as withdrawal fees or early withdrawal penalties.
- Investment Options: If you have investments within your account, consider the impact of selling or transferring them before closing the account.
- Alternative Retirement Plans: Evaluate whether you have other retirement plans or accounts that can provide similar benefits to the Empower Retirement account.
Closing your Empower Retirement account is a significant decision that should be made carefully. By following these steps and considering the potential implications, you can ensure a smooth and informed process.
