IRA ROLLOVERS

Changing jobs, retiring, or simply taking a closer look at your retirement strategy can leave you wondering what to do with the money you’ve accumulated in a 401(k), 403(b), or other employer-sponsored retirement plan.

An IRA rollover may be one option to consider.

At Joe Ann Steele Financial Center, we help you understand your retirement account options so you can make an informed decision based on your goals, timeline, and financial situation.

An IRA rollover generally involves moving eligible retirement assets from an employer-sponsored retirement plan, such as a 401(k) or 403(b), into an Individual Retirement Account (IRA).

When completed properly, a rollover can allow your retirement savings to remain tax-deferred while giving you the opportunity to choose from investment options available within the IRA.

A rollover is not the right choice for everyone. Depending on your circumstances, you may also be able to leave assets in your former employer's plan, move them to a new employer's plan, or take a distribution. Each option can have different investment, fee, tax, withdrawal, and creditor-protection considerations.

As your career and life change, retirement accounts can sometimes become scattered among former employers. Consolidating eligible accounts into an IRA may make your retirement savings easier to manage and provide access to a different range of investment choices.

Potential reasons to consider a rollover include:

• Simplifying the management of multiple retirement accounts
• Accessing investment choices available through an IRA
• Creating a more coordinated retirement strategy
• Reviewing beneficiaries and retirement goals
• Gaining a clearer picture of your overall retirement savings

The important question isn't simply, “Can I roll over my retirement account?” It's whether doing so makes sense for your individual situation.

Before moving retirement assets, it is important to understand the alternatives available to you. Depending on your plan and circumstances, you may be able to:

Leave your money in your former employer's plan
Your existing plan may continue to offer features, investments, or pricing that are valuable to you.

Move your savings to a new employer's retirement plan
If permitted, this may allow you to keep employer-sponsored retirement assets together.

Roll eligible assets into an IRA
An IRA may provide additional flexibility and investment choices, depending on the account and provider.

Take a distribution
Taking money directly from a retirement account can create taxes and, depending on your age and circumstances, possible penalties. Consider consulting a qualified tax professional before making this decision.

Retirement decisions shouldn't be made in isolation. Your retirement accounts are only one part of your overall financial picture.

We'll take the time to discuss where you are today, where you want to go, and the options available to you. Our goal is to help you understand your choices so you can make a decision with greater clarity and confidence.

Whether you're approaching retirement, changing employers, or simply want to organize retirement accounts you've accumulated over the years, we're here to help.