IRA’s (Individual Retirement Account) are very popular these days, but there is often some confusion as to what a person can and cannot do in terms of rolling the account over. This article will examine a few of the common issues associated with IRA rollovers. It is important to understand that IRA rules change often, so the reader is encouraged to check with current sources before making any final decisions concerning his or her IRA.
In most cases, employees have two choices when it comes to saving money for retirement. They can participate in a company sponsored 401(k) program or they may have the other option of participating in an IRA program.
These plans both involve putting money aside (usually a percentage of your income) into a tax-deferred account, but an IRA works more like a personal savings account than the 401(k) programs. With an IRA, when an employee decides to retire, quit, or change jobs, he or she can receive the money saved in an IRA as one lump sum. This is known as an IRA rollover. What the person does with that money is the key to good IRA management.
One thing you can do with the money is to convert it into a more beneficial...
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