There are a number of different types of IRAs or Individual Retirement Accounts available today, and you can tell a lot about where a person works by the type of IRA they have. For example, if you have a 403b IRA, then it’s likely you work for an educational institution, hospital or a nonprofit organization (or have in the past), and have taken advantage of your employer’s plan to save for your retirement using pre-tax dollars.

But if you’re considering a 403b IRA rollover, chances are you’ve had a change in circumstances which, for most people, translates to a change of employment. The first IRA rollover rule you need to know is that there’s no rule that says you must rollover your money when you change employers. It is perfectly acceptable to have more than one retirement savings vehicle, and there’s no reason you must rollover your funds if your current 403b IRA is meeting your short and long term needs. (more…)