Can I Rollover My __________to My IRA?
According to the Bureau of Labor Statistics, "...baby boomers held an average of 11.3 jobs from ages 18 to 46." It's likely you've accumulated various retirement accounts throughout your career.
A common question I get is "Can I rollover my (Insert type of account) to my IRA?"
Well, there are lots of types of retirement accounts and each has its own special rollover rules:
- ROTH IRAs
- Traditional IRAs
- SIMPLE IRAs
- 457(b) plans
- Qualified Plans (pre-tax)
- 403(b) Plans
- Designated ROTH Accounts
When you're ready to consolidate your retirement accounts, it's important you understand the rollover rules. Mess this up and you could be facing big tax consequences.
Here's a table from the IRS that outlines the rollover rules for retirement accounts.