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IRA Rollovers

An IRA rollover is an effective way to keep your money accumulating tax deferred.

If you change jobs or retire, you may want to transfer the money you’ve invested in an employer-sponsored retirement plan such as a 401(k) or 403(b) to an individual retirement account (IRA).

Using an IRA rollover, you can transfer your retirement savings to either a traditional IRA or a Roth and decide how to invest the funds. An IRA can be tailored to your particular needs and goals and can utilize a variety of different investment options, while many employer-sponsored retirement plans have a limited number of options available. In addition, an IRA rollover allows for tax-deferred retirement savings from multiple employers to be consolidated into one account.

You may facilitate a rollover in two ways. The first, and most common, is a trustee to trustee transfer where the check is sent from one firm to another without any tax consequence to you. The second is to have the check mailed directly to you written out to you as an individual. To preserve the tax-deferred status of this retirement savings, if the check is written out to you and you wish to roll the funds into an IRA, the funds must be deposited in the IRA within 60 days of withdrawal from the employer’s plan. To avoid potential penalties and a 20% federal income tax withholding from your former employer, you should arrange for a direct, trustee to trustee transfer.

401k rollovers may make it easier to manage your retirement savings by consolidating your holdings in one place. This can help cut down on paperwork and give you greater control over the management of your retirement assets.

The professionals at Visionary Financial Group can help you determine whether an IRA rollover should be part of your overall retirement strategy.

A leader in retirement transition and Individual Retirement Account (IRA) rollover strategies, Visionary Financial Group is also known for innovative investment strategies involving REIT’s, 1035 exchanges, Private Placements, bond ladders, and structured investments.

Call Shelly Dodge at 972/539-0002 today to schedule a complimentary consultation to review your financial goals and discuss the various IRA rollover options.

Rolling over an employer sponsored plan into an IRA is not suitable for everyone. Tax implications, additional fees, and loan options may indicate an employer sponsored plan is more appropriate for some investors. Please consider all available options prior to making a decision.

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