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Article: IRA Rollover Facts - What Are Your Options?
What Is An IRA Rollover
Simply put, an IRA rollover is the transfer of funds from a retirement savings account into a traditional IRA or a Roth IRA. Most IRAs only allow one rollover per year, with a calendar from the initial distribution date to a year from then. Most of the time, rollovers occur because of jab changes and/or because people want to move their 401k or 403b assets into an IRA. There are different rules for rollovers depending on the type of IRA, and other factors and can also be used to refer to the transfer of funds between IRAs.
What Are My IRA Rollover Options?
With employee sponsored plans, there are two basic options: direct rollovers and indirect rollovers. With an indirect rollover, an employee receives a distribution check from their employer, and deposits the check into their own account, with the stipulation that they have up to 60 days to transfer the funds into their IRA account. With a direct IRA rollover, also called a “plan-to-plan transfer, eligible rollover distribution amounts are transferred via the employee sponsored plan into the employee's IRA, not by the employee themselves.
Why Should I Consider An IRA Rollover?
An IRA rollover preserves the tax free status of your retirement fund.
An IRA rollover allows you to retain more control over your investments, since it gives you more control over when you can withdraw funds.
Rolling over your traditional IRA into a self directed IRA allows you even more control over not only withdrawal of funds, but also more options for investment beyond the traditional options.
An IRA rollover can be an excellent way to plan for your financial future, and self directed IRA rollovers allow you to be more fully in control of your funds and investments. Remember, your IRA is your retirement fund, your investment in your future, so it only makes sense to research all of your possible options in order to maximize your investments and profits.
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Other Related IRA Investing Articles You Might Like:
- Your Guide To Basic IRA Rules. While there are many different types of IRA’s available, there are several basic IRA rules that apply to every type in most cases. Learn more about IRA Rules »
- IRA Rollover Facts - Things You Should Know. What are your Rollover options? Why should you consider an IRA Rollover? Will this be a good strategy for my financial future?Learn what you need to know about an IRA Rollover »
- Self Directed IRA - What is it? Did you know that you may receive special tax deductions, estate planning and asset protection options? Find out more about a Self Directed IRA »
