Don’t choose just any old rollover – choose a Simple IRA direct rollover. A direct rollover is defined as the transfer of money from one account directly to another without the money going through the hands of the account holder. You have to initiate this rollover procedure with the manager of the target account, and you have to conform to all rollover rules of the Simple IRA account, as well as pertinent state and federal regulations. (more…)
Posts Tagged ‘IRA Rollover Rules’
Why Perform a Simple IRA Rollover?
Posted by admin on April 8th, 2010
Why should you perform a Simple IRA Rollover? The considerations you should make when asking that question are largely the same that any person considering an IRA rollover should ask, along with a few special questions pertaining specifically to Simple IRAs. (more…)
What are the Benefits of Performing a Simple IRA Rollover?
Posted by admin on March 31st, 2010
The benefits of performing a Simple IRA rollover are, in essence, generally the same as performing any IRA rollover – you get to maintain your money in a tax deferred state, while moving it to a more advantageous investment vehicle.
A Simple IRA allows you to build retirement savings using tax deferred money; this is true for all qualified retirement plans and IRAs, except Roth IRAs. A rollover from a Simple IRA to another qualified IRA maintains the tax deferred status of your money, which is generally considered to be desirable by IRA participants. Of course, if you rollover money from your Simple IRA into a Roth IRA, you will be required to pay taxes on that money, because Roth IRAs – unlike Simple IRAs – are funded with post-tax dollars. (more…)
