![]() ![]() It is important to find out what types of investments are available to you before choosing a financial institution to open your Rollover IRA. What is different is the type of investment programs made available to accountholders. To be sure you open the proper type of IRA, make sure you open a “Rollover IRA.” While Rollover IRAs are offered through banks, insurance companies, mutual fund companies and brokerage firms, they are technically all the same type of account. Rollover your money into an IRA. If you would like to preserve the tax-qualified status of your retirement account, you may choose to rollover your retirement plan account to an Individual Retirement Account (IRA).Please note, this option is not applicable in the case of a plan termination. Keep your money in your former employer’s plan. Generally, if your vested retirement account balance is $5,000 or more, you may leave your money in your former employer’s plan until you reach your retirement age.The fourth option will subject your money to current taxes and a potential tax penalty. The first three assure that your money remains tax-deferred. There are generally four options available to retirement plan participants when they terminate employment. To help you make the best decision for you, we have provided a summary of advantages and disadvantages for each option to help you think about questions to ask before deciding what you should do. If you’ve lost your job, or are changing jobs, you may be wondering what to do with your retirement account. ![]()
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