Blog Posts, Investment Planning

I Still Have a Retirement Account at an Old Company

Why Should I Rollover My Old Retirement Account?

Generally, when you roll over an old retirement plan, you do not pay taxes until you withdraw funds from the new plan. Rolling over an old retirement plan typically allows the account to continue growing tax-deferred. If instead you choose to withdraw funds from an old retirement account, you may be subject to tax and potentially an extra penalty if you do not qualify for one of the IRS exceptions.

How Do I Rollover an Old Retirement Account?

Usually, a rollover is either a direct rollover or a 60-day rollover. To complete a direct rollover, your old plan administrator will make a payment directly to your new IRA or retirement plan. Alternatively, if your old retirement account is paid directly to you, you will have 60 days from the date you receive an IRA or retirement plan distribution to deposit the entire amount in your new IRA or retirement account. This is known as a 60-day rollover. Contact your plan administrator to learn about your options.

Can I Roll My Old Retirement Account into a Traditional IRA?

The account types below can be rolled into a Traditional IRA.

For more information about rolling over your old retirement plan and other rollover options you may have, please view the IRS rollover chart. Additionally, we recommend you contact your plan administrator.

To learn more about how we can help you consolidate accounts, please contact us.

This article was written by Shoreline Financial Advisors. To learn more about us, please visit our website.

If you have comments, please feel free to send us a message.

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