IRA rollover

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You’ve worked hard over the years, and you’ve managed to secure a reliable nest egg. Whether you are changing jobs or getting ready to retire, in the interest of protecting your savings, it makes sense to review your options. It may be time to consider an IRA rollover.

What is an IRA Rollover?

The process of transferring your current retirement savings from a retirement plan through work (401k, profit sharing, etc.) to an Individual Retirement Account (IRA) is called a rollover. The purpose of an IRA rollover is to keep your money tax-deferred, while increasing your investment options.

Things to Consider

For an IRA rollover to be tax-free, funds must be deposited into your new account within 60 days from the time they are removed from the old one.

By choosing a direct rollover option, the distribution check is paid directly to your new financial institution, and you avoid any tax obligation. However, if funds from an IRA rollover are dispersed directly to you, 20 percent will be withheld for federal taxes.

Most company retirement plans will not allow you to move funds out of the plan while you are still employed. However, some plans allow you to roll over some of the money into a self-directed IRA account while you are still employed (an in-service distribution).

Guidance You Can Rely On

You have choices when it comes to managing your retirement savings—an IRA rollover is but one option to consider. No matter what your current situation, we can provide you with the tools, support, and guidance you need to optimize your portfolio.

IRA contribution limits, eligibility, and tax deductibility may change from year to year. Outlining the advantages and disadvantages can be challenging.

Ready to learn more about how an IRA rollover can work as part of your retirement strategy, start with a free online quote or contact one of our associates today. We’re happy to help you design a portfolio that aligns with your retirement goals.