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IRA Rollover Services

IRA Rollover Services in Long Beach, CA | Randall Wealth Group

IRA Rollover Services in Long Beach, CA

At Randall Wealth Management Group, we pride ourselves on being a small, family-owned firm. When we develop a new relationship, we look at it as lifelong and treat the client like family. It takes time to cultivate meaning and trust within the scope of the advisor/client relationship. All of our efforts are geared towards gaining the confidence of our clients through our ability to provide appropriate financial solutions to each area of their financial picture. Each client receives individualized care from our team of financial professionals. We specialize in retirement planning and investment services in Long Beach, CA. Our Retirement Planning Software creates a realistic projection of what an individual’s retirement will look like and identifies potential concerns.

What is a Rollover IRA?

A rollover IRA is an individual retirement account that allows you to move the funds from an old employer-sponsored retirement plan into an individual retirement account (IRA). An IRA rollover allows you to preserve tax-deferred retirement assets. An IRA rollover avoids paying current taxes and early withdrawal penalties at the time of the transfer. If a person leaves a job for any reason, a Rollover IRA is often the best solution for the individual to keep their tax-deferred benefits and continue to save for their retirement. A rollover IRA provides a broader range of investment choices, including stocks, bonds, CDs, ETFs, and mutual funds. There is more than one kind of individual retirement account. Some types of IRAs include traditional, Roth, SEP, and SIMPLE. The type of rollover IRA you select can be based on what kind of 401(k) account you held.

Types of IRAs

  • Traditional IRA – A traditional individual retirement account lets individuals direct pre-tax income toward investments that may grow tax-deferred to save for retirement. During retirement, the owner of the traditional IRA pays income tax on withdrawals.
  • Roth IRA – A Roth individual retirement account has many of the same features as a traditional IRA, but the contributions are not tax-deductible, and qualified distributions happen tax-free at retirement. Roth IRAs tend to be best for those who believe their taxes will be higher in retirement than they are currently.
  • SEP IRA – A simplified employee pension individual retirement account (SEP IRA) is a plan that an employer or a self-employed individual establishes. SEP IRAs have higher annual contribution limits than standard IRAs. With a SEP IRA, you can contribute just about ten times the amount you could into a traditional IRA.
  • SIMPLE IRA – A savings incentive match plan for employee’s individual retirement account (SIMPLE IRA) allows employees and employers to contribute to traditional IRAs set up for the employee. It is ideal for small businesses. A SIMPLE IRA allows smaller companies a more straightforward way to contribute toward their own and their employees’ retirement savings.

More on Rollover IRA

For many people, rolling over a 401(k) or 403(b) into an IRA is the best choice they can make. Taking a cash-out incurs many fees and other penalties helping to reduce your hard-earned retirement savings. The individual retirement account offers many advantageous features such as more choices for investments, higher level communication, fewer fees, and the possibility of opening a Roth account. Other benefits may include cash incentives from brokers, fewer rules and limitations, and some estate planning advantages. 401(k)s are limited to fewer investment plans, like select mutual funds, equity funds, and a couple of bond funds. With an IRA, however, most kinds of investments are available.

Key Takeaways

The bottom line is that there are many benefits to utilizing a rollover individual retirement account. Of course, much of the specifics depend on the 401(k) or 403(b) plan the funds originate from, the new account you are looking into, investment options, fees, loan provisions, and more. A financial advisor will work with you directly to find the best solution when you need to use a rollover IRA. Financial advisors have the experience and knowledge required to help you make informed decisions regarding your rollover IRA. Find out what all of your options are, maximize retirement savings, and minimize fees by using a financial advisor to help with your rollover IRA. Call us today at (562) 256-7008 to find out how we can serve you.