Cashing out your MetLife stock can seem like a complex process, but with the right guidance, it's quite manageable. Whether your shares are from an Employee Stock Purchase Plan (ESPP), a MetLife Policyholder Trust, or simply shares you've purchased on the open market, understanding the steps involved is key. Let's dive in and demystify the process!
Are you ready to turn your MetLife shares into cash?
This comprehensive guide will walk you through each crucial step, providing you with the knowledge to confidently navigate the sale of your MetLife (MET) stock.
Step 1: Determine the Type of MetLife Stock You Hold
Before you can cash out, it's essential to identify how you acquired your MetLife stock, as this will dictate the specific process you need to follow.
Understanding Your MetLife Stock Holdings
- Employee Stock Purchase Plan (ESPP) Shares: If you're a current or former MetLife employee, you might have acquired shares through an ESPP. These often come with a discount and specific tax implications.
- MetLife Policyholder Trust Interests: Many individuals received shares of MetLife, Inc. common stock through the MetLife Policyholder Trust, typically as part of a demutualization process. These interests need to be withdrawn from the trust to be sold.
- Shares Purchased on the Open Market: If you bought MetLife (MET) stock through a brokerage account, these are standard publicly traded shares.
- Shares in a Retirement Plan (e.g., 401(k)): Your MetLife stock might be held within a retirement account, like a 401(k) or IRA. Cashing out from these plans involves different rules and potential penalties.
It's crucial to know the origin of your shares, as this directly impacts the method of sale and any tax considerations.
Step 2: Locate Your Shareholder Information and Account Details
Once you know the type of shares you hold, the next step is to gather all relevant account information.
Finding Your MetLife Stock Records
- For MetLife Policyholder Trust Interests: You'll need your Current Holder Account Number. This is essential for filling out the Withdrawal Election Form. If you can't find it, you may need to contact MetLife Shareholder Services or their transfer agent.
- For Shares in a Brokerage Account: Log in to your brokerage account online or refer to your monthly statements. You'll find your account number, the number of shares you own, and their current market value.
- For ESPP Shares: Check your employee benefits portal or contact your former HR department if you're an ex-employee. The administrator for your ESPP will have your account details.
- For Shares in a 401(k) or Retirement Plan: Access your retirement plan provider's website or contact their customer service. They can provide details on your MetLife stock holdings within the plan.
Having your account number readily available will significantly expedite the process.
Step 3: Initiate the Withdrawal or Transfer Process (If Applicable)
This step is primarily for those holding MetLife Policyholder Trust interests or shares within a retirement plan, as direct brokerage accounts are already set up for trading.
Withdrawing from the MetLife Policyholder Trust
- Obtain the Withdrawal Election Form: This form is specifically designed for withdrawing Trust Interests and converting them into MetLife, Inc. common stock. You may be able to find it online (e.g., via a simple search for "MetLife Policyholder Trust Withdrawal Election Form") or by contacting Computershare, MetLife's transfer agent.
- Fill out the Form Accurately:
- Gather all necessary information, including your Current Holder Account Number.
- Use black or blue ink to complete the form.
- Sign the form exactly as your name appears on the account. This is critical for verification.
- If there are multiple account holders, ensure all required signatures are present.
- Mail the Completed Form: Detach the form along the dotted line and mail it to the designated address. For the MetLife Policyholder Trust, the address is typically: Computershare, PO Box 30170, College Station, TX 77842-3170.
- Allow Processing Time: Once submitted, it will take some time for the shares to be converted from Trust Interests to common stock and for them to appear in your designated brokerage account.
Transferring Shares from a Retirement Plan (401(k), IRA, etc.)
- Contact Your Plan Administrator: Reach out to the company managing your 401(k) or other retirement account.
- Understand Your Options: They will explain the process for liquidating or transferring the MetLife stock within your plan. Options may include:
- In-kind transfer to a different brokerage account (if eligible and you want to continue holding the stock elsewhere).
- Selling the stock within the plan and then withdrawing the cash (subject to retirement plan withdrawal rules and potential penalties for early withdrawal).
- Be Aware of Tax Implications: Withdrawals from retirement accounts, especially before age 59½, can incur significant penalties and taxes. Consult with a financial advisor to understand the best approach for your situation.
Step 4: Choose Your Selling Method
Once your MetLife shares are in a tradable form (either in your brokerage account or as common stock ready for sale), you have options for how to sell them.
Selling Through a Brokerage Account
This is the most common and straightforward method for selling publicly traded shares.
- Log In to Your Brokerage Account: Access your online trading platform.
- Navigate to the "Trade" or "Sell" Section: Find the option to place a trade for an existing holding.
- Enter the Stock Symbol: For MetLife, the ticker symbol is MET.
- Specify the Number of Shares: Enter the exact number of MetLife shares you wish to sell.
- Choose Your Order Type:
- Market Order: This sells your shares immediately at the current market price. While quick, the exact price you receive might fluctuate slightly.
- Limit Order: This allows you to set a specific price at which you want to sell your shares. Your order will only execute if the stock reaches that price. This offers more control but might take longer to execute or may not execute at all if the price isn't met.
- Review and Confirm: Double-check all details before submitting your order.
- Monitor Your Order: Keep an eye on your order status. Once executed, the proceeds will typically settle in your account within two business days (T+2).
Selling Through MetLife's Transfer Agent (Computershare)
If your shares are directly held with MetLife's transfer agent, Computershare, you can often sell them through their services without needing a separate brokerage account.
- Access Computershare's Investor Center: Visit their website (
www.computershare.com/metlife - Navigate to the "Sell Shares" Section: Follow the prompts to initiate a sale.
- Provide Instructions: You'll typically be able to choose between market orders or limited order types.
- Receive Proceeds: Computershare will process the sale and issue payment via check or direct deposit, depending on your preferences set up in your account. Note that fees may apply.
Step 5: Understand and Plan for Tax Implications
Cashing out stock always has tax consequences. It's crucial to understand these to avoid surprises.
Key Tax Considerations
- Capital Gains Tax: When you sell stock for more than you paid for it (your cost basis), the profit is considered a capital gain.
- Short-Term Capital Gains: If you held the stock for one year or less, your gains are typically taxed at your ordinary income tax rate.
- Long-Term Capital Gains: If you held the stock for more than one year, your gains are usually taxed at a lower, more favorable long-term capital gains tax rate.
- ESPP-Specific Taxation: For ESPP shares, any discount you received on the purchase price is generally taxed as ordinary income in the year you sell the shares, regardless of the holding period. The remaining gain (if any) is then treated as a capital gain, subject to short-term or long-term rates depending on your holding period.
- Retirement Account Withdrawals: As mentioned earlier, withdrawing funds from a 401(k) or similar retirement account before age 59½ can trigger a 10% early withdrawal penalty in addition to regular income tax.
- Cost Basis: Keep accurate records of your original purchase price (cost basis) for your shares. This is essential for calculating your capital gains or losses. If you received shares from the MetLife Policyholder Trust, MetLife would typically provide information regarding the cost basis for those shares.
- Consult a Tax Professional: Given the complexities of tax laws, especially with various acquisition methods, it is highly recommended to consult with a qualified tax advisor or financial planner. They can help you understand your specific tax obligations and potentially minimize your tax burden.
Step 6: Receive Your Funds
After your sale order is executed and the trade settles, you'll receive the proceeds.
Accessing Your Cash
- Brokerage Account: The funds from your sale will appear as cash in your brokerage account. You can then:
- Transfer the cash to your linked bank account via ACH transfer, wire transfer, or check.
- Reinvest the funds into other securities.
- Computershare (Transfer Agent): If you sold directly through Computershare, they will send you a check or initiate a direct deposit to the bank account you have on file. Ensure your banking information is up-to-date with them.
Remember that funds typically take a few business days to settle before they are available for withdrawal or transfer.
Frequently Asked Questions (FAQs)
How to check the current value of my MetLife stock?
You can check the current value of MetLife (MET) stock by searching for its ticker symbol (MET) on any financial news website, brokerage platform, or stock market tracking app.
How to find my MetLife Policyholder Trust account number?
Your MetLife Policyholder Trust account number should be on any statements or correspondence you've received regarding your trust interests. If you can't locate it, contact Computershare, MetLife's transfer agent, at 1-800-649-3593.
How to transfer my MetLife stock to another brokerage account?
To transfer your MetLife stock to another brokerage account, contact your receiving brokerage firm. They will provide instructions and often initiate the transfer process (an "ACATS transfer") on your behalf. You'll need your existing account details.
How to sell MetLife stock if I'm no longer an employee?
If you're a former employee and your MetLife stock was held in an ESPP or other employee plan, contact the plan administrator (often a third-party company like Fidelity, Schwab, or even MetLife's internal benefits department) to understand your options for selling or transferring the shares.
How to handle taxes when cashing out MetLife stock?
The best way to handle taxes is to consult a qualified tax advisor. They can help you calculate capital gains, understand the impact of any ESPP discounts, and determine your overall tax liability, potentially identifying strategies to minimize it.
How to avoid early withdrawal penalties on MetLife stock in a 401(k)?
To avoid early withdrawal penalties (before age 59½), generally, you should leave the funds in the 401(k) until retirement age or roll them over into another qualified retirement account like an IRA or a new employer's 401(k).
How to update my address or contact information for my MetLife stock?
If your shares are held with Computershare (MetLife's transfer agent), you can update your information through their Investor Center website (
How to get a cost basis for my MetLife Policyholder Trust shares?
MetLife or their transfer agent, Computershare, typically provides the cost basis information for shares distributed from the MetLife Policyholder Trust. This information is crucial for tax reporting. Contact Computershare if you need this documentation.
How to sell a small number of MetLife shares efficiently?
For a small number of shares, using a market order through your brokerage account or Computershare is usually the most efficient method. Be aware of any minimum commission fees that might apply from your broker, which could eat into small proceeds.
How to contact MetLife Shareholder Services for assistance?
For general shareholder inquiries or assistance related to your MetLife stock held with the transfer agent, you can contact MetLife's transfer agent, Computershare, at 1-800-649-3593. For broader MetLife company information, you can also visit the investor relations section of the MetLife website.
