In this episode of Making Cent$ of your Money, Elizabeth and Jeff provide valuable information about IRA Rollovers….(read more)

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Individual Retirement Accounts (IRAs) have remained a popular financial tool for Americans to save for retirement. They provide the opportunity to earn tax-free or tax-deferred income for retirement, and can be used as a supplement to employer-provided retirement plans like 401(k)s.

However, as life circumstances change, it’s not uncommon for individuals to move their IRA funds from one provider to another. This process is called an IRA rollover.

In this episode of Making Cent$ of your Money, we’ll explore the reasons why someone might need to rollover their IRA, what the process entails, and the benefits of doing so.

Reasons for an IRA Rollover

There are many reasons why someone may need to roll over their IRA. Here are a few:

1. Change in Employer – If an individual changes jobs or retires, they may need to rollover their IRA to a new provider.

2. Consolidation – Some individuals prefer to have all of their retirement funds with one provider, so they may choose to consolidate their IRAs into one account.

3. Better Investment Options – If an individual is not satisfied with the investment options available with their current IRA provider, they may want to rollover to one with better options.

4. Lower Fees – Similar to investment options, if an individual finds that their current IRA provider charges higher fees than others, they may choose to rollover to a provider with lower fees.

Process of an IRA Rollover

The process of an IRA rollover may seem daunting, but it’s actually quite simple. Here are the steps:

1. Choose a new IRA provider – Research and choose a new IRA provider that meets your needs.

2. Notify your current provider – Inform your current IRA provider that you want to rollover your funds to a new provider.

3. Request a rollover – Request a rollover check or direct transfer of funds from your current provider to your new provider.

4. Deposit funds into your new IRA – Once the funds have been transferred, deposit the funds into your new IRA.

Benefits of an IRA Rollover

There are several benefits to rolling over your IRA. Here are a few:

1. Consolidation – As mentioned earlier, rolling over your IRA can help consolidate all of your retirement funds into one account.

2. Better Investment Options – Rolling over to a new provider with better investment options can help increase the potential growth of your retirement funds.

3. Lower Fees – Rolling over to a provider with lower fees can help increase the amount of money you save for retirement.

In conclusion, IRA rollovers may seem like a daunting process, but they can be beneficial in the long run. By choosing a provider with better investment options and lower fees, individuals can potentially increase their retirement savings. It’s important to do your research and choose a provider that meets your specific needs.