A Rollover IRA refers to the practice of transferring your retirement finances from your retirement plan at work – such as your 401(k) – into an Individual Retirement Account (IRA).

The plan of many Minneapolis residents is to retire and live the good life. Setting up the right type of account for retirement is crucial to the success of this dream. There are multiple options available, but many times people are fine with the retirement plan that their employer offers. This may be the simplest option if you are planning on keeping the same job until retirement. However, this is not always possible. What happens when a job is no longer available or a new opportunity arises? The funds may still be available through your previous employer’s plan, but this can complicate a retirement strategy. A IRA Rollover is a reasonable solution for anyone who is looking to simplify their retirement.

While a Rollover IRA is not the only option available to a person looking to continue building their retirement funds, it does have many benefits.

One of the primary benefits of a Rollover IRA is that it allows you to move funds while deferring taxes. Taking the money out of an old retirement fund altogether is another option, but depending on your tax situation, a hefty amount of what could be used for retirement quickly becomes taxed. A IRA Rollover is appealing to many who look for simplicity when it comes to investing in their future.

Another way that this kind of retirement fund can offer simplicity is in number of accounts having to be looked over by a person. If someone decides to keep an old retirement fund going when switching to a new employer they may find themselves juggling multiple accounts. Placing all retirement funds into a single IRA will help make life easier, and more money can go towards a larger way of investing potential retirement income.

Another aspect of this kind of retirement account adding to the appeal is that a Rollover IRA offers quantitatively more investment opportunities. If an employer offers the right kind of investment for the individual, that is fine, but looking at the variety of ways to increase funds for retiring may reveal a new “winner” for the smart investor. A Rollover IRA allows the person who owns the account to choose how they want to invest their money. Having more control over the way your money is invested is important.

Larger fees often come with an employer’s retirement account. These fees may become exponential if more than one account exists for one person’s retirement. Using a Rollover IRA results in less fees. Some accounts may be opened with no fees at all, of course it depends on where the account was established.

Rolling over into an IRA is not difficult and can be done with the help of an investment professional. It is important to understand how to perform a rollover properly so that you do not not end up with a IRA disbursement, which will be taxed. There are several types of IRAs and many are made for different kinds of retirement contributions, making it crucial to contact an informed professional to get the right plan.

Investing for the future is important, and creating more income for retirement is the primary reason why many choose to become investors. An employer’s retirement fund may seem like a good idea, but modern times have made it harder to keep the same job for a lifetime. A IRA Rollover allows you to invest continually into a single account with a seemingly limitless number of ways to make that money grow to its potential. It is worthwhile to look into this option.

To learn more about a Rollover IRA, please contact a qualified financial planner at Assured Retirement by calling 952-657-7470.

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