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Highlight information is provided courtesy of Wall Street Online Advisory, a $399.00 moderately priced Flat Fee Investment Consultative Advisory Service for individuals, families, companies and organizations.
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If I'm still employed and covered under my organization's retirement plan, can I roll my plan into an IRA or a ROTH IRA?
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Answer: Generally, while still employed your employer typically will not permit you to roll out of their plan.
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I'm still employed by a Not For Profit entity, and participate under my organization's 403b retirement plan, can I roll my plan into an IRA or a ROTH IRA?
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Answer: Generally, NOT into an IRA or a ROTH IRA. If your plan is strictly a voluntary salary reduction 403b plan and the employer does not make any contributions to the plan you can roll out of the 403b plan into another 403b retirement plan .
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If I so desire, when retired, can I roll out of my current 403b retirement plan and still retain the status and advantages of 403b status?
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Answer: Yes. You can keep your 403b designation or you can roll to an IRA and; subsequently, if desired, into a ROTH IRA, assuming income eligibility.
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Why would anyone want to roll out their current 403b retirement plan?
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Answer: Individuals roll out for many reasons, such as: more investment flexibility, greater investment options, an increase in death benefit to heirs, more control over the management of the account, etc.
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If I roll out of my current 403b retirement plan can I still make tax deductible contributions to my new 403b?
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Answer: No. One cannot make new tax deductible contributions to the rolled plan since contributions can only be made by salary deduction through your employer's approved plan. However, you can roll the old contributed monies into a new plan, and continue making future contributions to the prior existing plan established through your employer.
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Will it cost me anything to roll and are there any adverse tax consequences if I roll out of my current 403b retirement plan into a new 403b or IRA, if retired?
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Answer: There are no adverse tax consequences when one moves the account. There might or might not be a cost. If your account has deferred sales charges, there might be a charge applied to a portion of the account still subject to a deferred sale charge. However, you can move only the amount of money in the account not subject to any deferred sale charges, and simply leave the rest until the deferred sales charges expire, and then move that amount.
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I recently left my employer for another employer can I roll my retirement account elsewhere?
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Answer: Yes, in most cases; but, it does depend on the exact type of retirement plan established at your ex-employer. Some ex-employers require it, some allow it, and a few require the plan to stay for a number of years or until retirement age. The simplest way to determine your options is to ask your ex-employer what their policy is. Additionally, depending on circumstances, it might be possible to roll you old plan into your new employer's plan, if permitted and available.
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I recently retired, can I roll my retirement account elsewhere?
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Answer: Yes, in most cases; but, it does depend on the exact type of retirement plan established at your ex-employer. Some ex-employers require it, some allow it to move, some allow it to stay with your old employer. The simplest way to determine your options is to ask your ex-employer what their policy is.
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Assume I'm retired and assume I'm permitted to roll my retirement account, should I roll it to an IRA or to a ROTH IRA?
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Answer: The procedure is first to roll to an IRA, then, if desired you can roll from the IRA to a ROTH IRA, assuming you're income eligible. IRAs and ROTH IRAs are quite different, with very different tax consequences, and withdrawal rules.
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If I roll my retirement account, what funding choices do I have?
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Answer: Basically, one can choose between mutual funds, variable annuities, no-load variable annuities, individual stocks/bonds, bank CDs, money market accounts, fixed annuities, equity indexed annuities, investment real estate (if in IRA) or a combination of all.
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Which rollover option is best for me?
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Answer: BEST, depends very much on your own personal circumstance, individual preference and your own personal financial objectives. We think it's fair to say, that one should become thoroughly familiar with the options available and thoroughly understand the implications of the choice, since what's selected can make a meaningful financial difference for yourself and members of your family.
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All Mutual Funds, Variable Annuities and Variable Life Insurance policies are offered by prospectus ONLY. For complete information including charges and expenses obtain a prospectus, and read it carefully before you invest.
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Mutual Fund, Variable Annuity and Variable Life prospectuses are available directly from the issuing companies when product information is requested, and in some cases, they can be downloaded directly on the issuing company's internet website.
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The tax deferral characteristic associated with variable annuities is not needed when used in an account that is by definition tax deferred (retirement accounts) and according to some sources variable annuities generally have higher fees and internal expenses than mutual funds.
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Systematic and dollar cost averaging within Mutual Funds, Variable Annuities and Variable Life insurance policies does not assure a profit and does not protect against loss in declining markets. It involves continuous investment in securities regardless of fluctuating prices and the investor should consider his or her financial ability to continue purchases through periods of low price levels.
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Investing in stocks, bonds, mutual funds and variable annuities does not guarantee a profit.
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All of these investments can lose money.
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Stocks, bonds, mutual funds and variable annuities are not FDIC insured.
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For specific information on how we can assist you in addressing a wide range of retirement plan rollover related issues and concerns, please complete and transmit the form found below.
