IRA Rollovers

Not everyone travels down the same road towards retirement.

Some people work for the same company throughout their entire career, whereas others usually switch jobs or change careers throughout their working lives. Despite the road we take, we usually have savings along the way for retirement. The most efficient way to keep track of these work savings are with a retirement planning counselor. Our experienced professionals will help you make sure you’re getting the most out of your retirement plan, such as with an IRA.

An individual retirement account, or IRA, is a separate banking account that offers tax deductions for your retirement nest egg. Deposits in conventional IRAs are typically tax-deductible. This means most or all of your IRA contributions, like transactions and income, are not immediately affected by taxes. Therefore, when you take money out during retirement, your withdrawal will be taxed as income. Our IRA advisors can give you more information if you think an IRA might be right for you.

What’s a Rollover?

People switch jobs all the time. When this happens, it causes them to move their assets around from one account to another, in order to meet their retirement goals. An IRA rollover is the process of transferring retirement funds from one account into that of an IRA. After doing so, your savings are still tax-deferred and your opportunities for investments open up. Contact one of our retirement planning counselors today to hear more about IRAs and rollovers.

How Does A Rollover Work?

Most IRA’s permit only one rollover per every 12 months with an IRA to IRA transfer. Before you look into performing a rollover, be sure to check with an IRA advisor to see if you can do so from your account. Rollovers work with numerous retirement accounts, such as other IRAs, 401(k) plans, deferred compensation (457(b)) plans and tax sheltered annuity plan, such as a 403(b) There are some possible withholding penalties if an IRA rollover is transferred by a check. However, our retirement planning counselors can help you avoid such penalties.

To learn more about IRAs, rollovers and what to do with your retirement savings, consult with one of our IRA advisors at our main office in Surprise, AZ today!