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IRA Rollover

An IRA rollover is the process of transferring funds from a retirement plan into an IRA (individual retirement account). You can move funds from your 401K, 403B, 457, or profit-sharing plan into an IRA. One of the major perks of an IRA rollover is that it is a tax-free distribution of funds. If you decide to take your funds out of a retirement plan you’ll be hit by taxes and possibly penalties for the premature withdrawal. The agents at Keystone Insurers Group can help you determine your best plan of action.

If you have money in a retirement plan from a former employer, you generally have the following options:

  • Roll your savings over to an IRA – By rolling your money into an IRA, it remains tax-free and can grow for retirement.
  • Transfer your savings to your new employer’s retirement plan – Similar to the IRA rollover, your money will continue to grow for retirement. Be sure to check your new employer’s plan rules, because some plans may not allow you to transfer money in.
  • Leave your savings in your former employer’s retirement plan – If you have over $5,000 in the plan, you have the option of leaving your funds in their current location. By doing this, you simply have more accounts to manage.
  • Remove your savings from the retirement plan – By taking your funds out of your former employer’s retirement plan, you are required to pay the IRS taxes and possibly penalties for the early extraction. Unfortunately, this option could cause you to lose up to 50% of your savings to taxes and penalties.

If you are changing jobs or want to design a plan for the future, speak with the experienced financial advisors at Keystone Insurers Group. We are here to help you establish a stable fiscal future.

Give us a call at 888-502-0674 or fill out the form on this page for more information on our IRA Rollover solutions.