October 2021
Beginner
352 pages
8h 40m
English
Content preview from 401(k)s & IRAs For Dummies
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Chapter 10
Rolling Over an IRA
IN THIS CHAPTER
Looking into rolling over
Going through the process
Taking care with Roth conversions
Being mindful of the taxes
A rollover is IRA-speak for transferring funds without penalty or tax liability. When you leave a job or take a new job, a rollover makes sure your retirement funds go where you want them.
In this chapter, I cover several rollover tricks: gathering the information you need, being aware of Roth oddities, and staying aware of tax issues. I also mention what happens if you want to take money out of your 401(k).
Rolling-Over Basics (How to Shake Is Next)
A job change may be the most common reason to roll over retirement funds into an IRA, but it is by no means the only one. The following list includes every reason I can think of that may prompt you to do a rollover:
- You have a new job with an employer that doesn’t offer a 401(k) plan.
- You have a new job and want to transfer the money to the new employer’s plan.
- You’re now 59½ and want greater flexibility than your 401(k) offers.
- Your employer terminates the retirement plan ...
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I'm always learning. So when I got on to O'Reilly, I was like a kid in a candy store. There are playlists. There are answers. There's on-demand training. It's worth its weight in gold, in terms of what it allows me to do.