A Rollover IRA is one of the several IRA types available. The Rollover IRA is used to hold funds from a company retirement plan (401k plan) after you leave the company. There are different ways to invest the money in a Rollover IRA and there is no limit on the amount of money you can rollover.
Rolling over your 401k plan into a Traditional IRA is a key financial step you when you change jobs or retire. Rolling over a 401k plan can be tricky for some people if they are not careful, because if the money does not roll over correctly and end up in your hands you can be penalized heavily.
Eligible distributions from such plans can be rolled over directly into a NCL Traditional IRA without incurring any tax penalties, and assets remain invested tax-deferred. Consolidation multiple employer-sponsored retirement plans into a single Rollover IRA can make it easier to monitor your assets and gives you the freedom to be able to convert to a Roth IRA at a later date.
When rolling over your 401k make sure to have qualified guidance. Rolling over a 401k can easily be accomplished along with avoiding potential penalties and taxes.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
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