401K Rollovers & IRA’s

In favor of rolling to an IRA are several items. Most common is when the 401(k) is expensive or offers lousy or limited investment choices. Rolling to an IRA opens the world to you which can be great - or not — depending on what you do, of course.

Many people prefer not to be restricted to the options a former employee makes available.

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About 401K Rollovers & IRA’s

With an IRA, it is easier to use customized beneficiary designations. Many 401(k)s won't accept them. If beneficiaries have different needs, a customized designation may be needed.

One note for you as a self-employed person. You could establish a 401(k) for your new enterprise and roll the old 401(k) into it. If you have employees, this is a little more complicated but plans for solo shops are cheap and easy to set up and maintain.

A Traditional IRA contribution is fully deductible if your income is under a certain level or if you (or your spouse) don’t have an employer-sponsored retirement plan. If you (or your spouse) do have a 401(k) or pension plan, the tax-deductible portion of your IRA contribution may be limited.

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