What is an IRA Rollover? #ira #retirement #rollover #retirementplanning #retirementplan…(read more)

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An individual retirement account (IRA) is a type of account that allows you to save money for your retirement. There are different types of IRAs, including traditional and Roth IRAs. One benefit of an IRA is that it allows you to defer paying taxes on your contributions until you retire.

An IRA rollover is a process of moving your retirement savings from one account to another. This is a common strategy for people who change jobs or retire and want to consolidate their retirement savings into one account.

The most common type of IRA rollover is a direct rollover, also known as a trustee-to-trustee transfer. This is when your retirement savings are directly transferred from one account to another without passing through your hands. With a direct rollover, there is no tax liability or penalty as long as the funds are transferred to a similar type of account (traditional IRA to traditional IRA, or Roth IRA to Roth IRA).

Another type of rollover is an indirect rollover, also known as a 60-day rollover, where you receive a distribution from your IRA, but you have up to 60 days to deposit the funds into another IRA account. This type of rollover may be subject to taxes and penalties if not completed within the 60-day timeframe.

It is important to seek professional advice when considering an IRA rollover to ensure that you fully understand the tax implications and requirements to avoid any penalties. Additionally, it is important to consider fees and investment options when selecting a new IRA provider.

In conclusion, an IRA rollover is a process of transferring retirement savings from one account to another. It can provide a way to consolidate retirement savings and potentially improve investment options, but it is important to understand the tax implications and seek professional advice.