Setting up an SEP IRA rollover is relatively simple, as the SEP IRA rollover rules are similar to those that govern traditional IRA rollovers. You’ll first need to establish an IRA account with the provider of your choice. The new account provider will then provide you with the necessary paperwork to move your old SEP IRA funds into the new IRA. As with a traditional IRA rollover, be sure to choose the direct transfer option, as this will prevent you from incurring any unnecessary taxes or penalties that will diminish the value of your retirement accounts. Your account provider can assist you with any additional questions you have about your SEP IRA rollover transfer. (more…)
Archive for the ‘SEP IRA’ Category
There are many reasons to perform an SEP IRA rollover, but usually this occurs when you’re consolidating rolling over your funds from an old SEP IRA to another. One of the first things that you need to know is whether or not your new account will accept the rollover funds from the old one. (more…)
If you’re considering a rollover to an SEP IRA plan, you’ll probably have a few questions to run by your financial advisor before completing the rollover process. In order to get the firm answers you need to make a solid financial decision about SEP IRA rollover, you’ll want to go into this meeting prepared. (more…)
SEP IRA rollovers are a financial tool that will allow you to consolidate your retirement savings into a single target rollover IRA. There are several advantages to performing this rollover, but there are also a few guidelines that you’ll need to keep in mind when performing SEP IRA rollover process. SEP IRA rollovers will allow you to maintain the tax deferred status of your money, while doing what’s best for you in the short term and for your long term investment goals.
The first and most common reason to perform a SEP IRA rollover is that you have access to a new type of IRA. This usually comes as part of a benefits package at a new job. Alternatively, you may also elect to establish a personal IRA outside of your current employer. In either event, be sure to contact the management of the newest IRA before you attempt the rollover from the SEP IRA accounts. A very common mistake is to request the rollover before the new SEP IRA account is ready to accept the transfer. This can trigger a whole host of problems that can be avoided by simply making that one phone call. (more…)
Aside from simply wanting to save money for their retirement years, most people participate in some form of retirement savings vehicle, such as an IRA, because they want to improve their tax situation – specifically, they want to pay less income tax. The fact that contributions to a retirement savings vehicle often have a tax deferred status is a primary selling point for IRAs. When you’re thinking about taking money out of an IRA, as in the case of a rollover, you may have questions about how that will affect the tax deferred status of your money. You’ll be relieved to know that the chances you’ll lose the tax deferred status of your money are very slim indeed. (more…)