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.