When you change jobs, an IRA rollover is a smart way to keep your retirement savings in one place. Here’s how it works.
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Are you looking to maximize your retirement savings and minimize your taxes? Consider rolling over your Individual retirement account (IRA) into a new one. An IRA rollover allows you to transfer money from one IRA to another without incurring taxes or penalties. Here’s how it works.
First, you need to decide which type of IRA you want to rollover. Traditional IRAs are tax-deferred, meaning you don’t pay taxes on the money until you withdraw it. Roth IRAs are funded with after-tax money, so you don’t pay taxes when you withdraw the money.
Once you’ve decided which type of IRA you want to rollover, you need to open a new account with a financial institution. Make sure to ask about any fees associated with the account and the rollover process.
Next, you need to transfer the money from your old IRA to the new one. This is done through a direct transfer, which means the money is transferred directly from one account to the other. You can also do an indirect transfer, which involves withdrawing the money from the old IRA, then depositing it into the new one. However, this type of transfer can incur taxes and penalties.
Finally, you need to make sure the money is invested correctly in the new IRA. Talk to a financial advisor to make sure you are investing in the right type of funds for your long-term goals.
Rolling over your IRA can be a great way to maximize your retirement savings and minimize your taxes. Make sure to research the different types of IRAs and talk to a financial advisor to make sure you are making the right decision for your financial future.
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Saving for retirement is crucial. Informative video.