Many people would like to set more aside in their qualified retirement plans but find they are already contributing the maximum the law allows. Here's a solution...
A "Rollover IRA" is the name given to an IRA that holds money from a retirement account like 401ks or a 403b. Money from an employer's plan can be rolled over into a Traditional IRA. In certain situations a Traditional IRA may later be converted into a Roth IRA.
IRS Compliant IRA Rollover
You have a few options with your 401k plan from a former employer. In almost all cases, a transfer to an IRA Rollover account is the best option for wise investors. For long term retirement security it is imperative to have a sound savings plan such as an IRA and control and flexibility are key to ensuring financial success. Included in your choices are these options:
You can transfer the money into a Traditional IRA or IRA Rollover account - these accounts offer the same tax deferred status as 401k plans but offer you more flexibility and control of your investment options. If the you opt for a Traditional IRA, you can also continue to contribute up to the annual limit.
You could leave the money where it is - one drawback of this method as that you must rely on your former employer for account management
You can pay a penalty, take the money out, and spend it. This option is strongly advised against as you would be subject to both the 10% IRS withdrawal penalty (up to age 59 1/2) and the withdrawal would be taxed as ordinary income
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How to sell real estate without a capital gains tax, boost retirement income and help your church.
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Today Susan interviews Jan & George, a retired couple from the UK who were amongst the very first people to join Eye on Spain. Find out more about their lifestyle and why they like Spain.
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Fidelity Investments® today released the results of its second Couples Retirement Study1, first fielded in 2007, that tests communication, knowledge and agreement about finances and retirement planning issues between husbands and wives.
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A report released today indicates that the decline in the stock market in the last six months of 2008 worsened the retirement outlook for middle-class Americans. The analysis, conducted by Ernst & Young on behalf of the Americans for Secure Retirement coalition (ASR), shows that the retirement assets of recent and near retirees decreased between 14 and 17 percent in the last six months of 2008 alone.
The study further finds that households with a guaranteed source of retirement income outside of Social Security, such as a lifetime annuity, have the greatest chance of having enough money in retirement.
The new report is an update to Ernst & Young's 2008 Retirement Vulnerability of New Retirees report which found that almost three fifths of middle-class new retirees could expect to outlive their financial assets if attempting to maintain their pre-retirement standard of living.
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First in a series of discussions with a group of retired autoworkers in Detroit