It's never too early to care about your financial future or plan for your retirement. We have the tools and options to help you start an IRA (individual retirement account), Roth IRA, rollover an IRA, or enhance the ones you may already have!
What is an IRA Rollover?An IRA Rollover is the transfer of money from another qualified retirement plan, such as a 401(k) or regular IRA, into another IRA. The IRA receiving the money can be a new IRA or an existing one. Done properly, no withholding is taken out of the former account and no taxes are due the following April. However, any rollover will trigger a reportable item, meaning you will have to indicate you did a rollover on your tax return.
Your retirement money is creditor protected and is tax deferred. You do not want to lose these attractive benefits. Learn everything you can about how and why you should rollover your existing retirement account. All of this is why I’m here. I’ll explain as detailed or simple as you like, and it’s okay if you don’t understand all of it right now. It all starts with a conversation. Call or email me and we can discuss your situation and see if we should take another step! |
An IRA Rollover can simplify your retirement planning.
Whenever you terminate employment after participating in a workplace retirement plan, you will have the opportunity to create a rollover IRA. A Rollover IRA could be an important part of any retirement plan. A rollover IRA is similar to a regular IRA (traditional IRA) except that the source of the money is not annual contributions. Instead, the money that goes into a rollover IRA is money from a previous retirement plan, such as a 401(k) plan. Although you are permitted to rollover your 401(k) into an existing contributory IRA, you may not combine regular IRAs and Roth IRAs. One advantage of an IRA rollover is the continuation of the tax-deferred treatment you had at your workplace retirement account. Furthermore, no tax is owed on a property executed rollover, although it is a reportable transaction to the IRS. |