Your retirement savings – your way

A rollover IRA lets you move your money out of a previous employer’s
retirement plan or other IRA account and into an IRA that you control.

What is a rollover IRA?

A rollover IRA is an easy way to consolidate all of your retirement savings into one account.

The IRS allows for a tax-free, penalty-free rollover of your retirement savings from a previous employer’s qualified retirement plan to an IRA in your name.

Whether you are changing jobs, taking a break from work, or just looking for a new way to invest money you have in an old employer’s plan, a rollover IRA can be a great tool to stay on track for retirement success.

Benefits of a Rollover IRA
Consider Your Options


When you leave an employer, you have options available to you and your retirement savings. Consider all of the options available before you make a decision to rollover your retirement savings. In most cases, the decision to move your retirement account is yours to make.

The info to the right provides a brief explanation of the distribution alternatives that may be available to you.

 

It's your retirement - let the funds you saved keep working for you.

Pros

  • Tax-deferred growth
  • Avoid early withdrawal penalties
  • Move your savings to another retirement plan or an IRA later
  • Protection from creditors

Cons

  • Limited to the investment options and services offered by that plan
  • May not be able to remain in the plan if your account is less than $5,000
  • You can’t take a loan

Pros

  • Tax-deferred growth
  • Avoid early withdrawal penalties
  • May be able to consolidate your retirement assets into one account
  • Protection from creditors

Cons

  • Limited to the investment options offered by that plan
  • May have limits on how you move your money between the investment choices in the plan

Pros

  • Tax-deferred growth
  • Avoid early withdrawal penalties
  • Have the flexibility to select an institution and investment options that fit your specific needs
  • Choose a Roth after-tax account, if appropriate
  • Consolidate your retirement assets in one convenient place as you change jobs
  • Protection from creditors
  • Ingham Rollover IRA: no distribution fee will apply

Cons

  • Can’t barrow against your assets
  • Annual fees and /or commissions may apply

Pros

  • Immediate liquidation of your account
  • Have greater flexibility to use the assets any way you want

Cons

  • If you are under age 59-1/2, a 10% early withdrawal penalty may apply
  • Distribution is subject to ordinary income tax unless the distribution is taken from a Roth 401(k)
  • You can no longer grow your assets on a tax-deferred basis
  • The long-term earning potential of your account is diminished – which could affect your income at retirement

If you need help understanding your options
call us at 866-786-5152