If you have a 403b retirement plan and are thinking about transferring the money to an rollover IRA account, you’ll need to make a few decisions before you attempt to complete the 403b IRA rollover process. First, you’ll need to decide what kind of IRA account you’re going to rollover the money into. For example, if you plan to transfer it into a traditional IRA or SEP IRA rollover plan, there won’t likely be any significant change to the amount of money that you’re moving, as no new taxes will need to be applied. This isn’t the case if you’re moving the money to a Roth IRA. (more…)
Posts Tagged ‘403b Rollovers’
What Paperwork is required for a 403b IRA Rollover?
Posted by bobrichards on April 5th, 2010
The bad news about 403b IRA rollover paper is that there may be a fair amount of it. The good news, on the other hand, is that most of that paperwork will be provided for you by your 403b and IRA account trustees. (more…)
403b IRA Rollover Rules – What You Need to Know
Posted by bobrichards on March 31st, 2010
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…)
Protect Yourself from 403b IRA Rollover Tax Penalties
Posted by bobrichards on March 26th, 2010
To protect yourself from 403b IRA rollover tax penalties, it’s a good idea to understand that there are two different types of 403b rollovers before you start the IRA rollover process. (more…)
