An IRA rollover is a transfer of funds from a retirement account, such as an employer-sponsored plan, into an individual retirement account. The purpose of a rollover is to maintain the tax-deferred status of those assets. IRA rollovers are commonly used to hold 401(k), 403(b), or profit-sharing plan assets that are transferred from a former employer’s sponsored retirement account or qualified plan. An IRA rollover can also occur as an IRA-to-IRA transfer. IRA rollovers can occur from a retirement account, such as a 401(k) into an IRA, or as an IRA-to-IRA transfer. Most rollovers take place when people change jobs and wish to move 401(k) or 403(b) assets into an IRA, but IRA rollovers also happen when retirement savers want to switch to an IRA with better benefits or investment choices. The are different types of IRA rollovers: direct and indirect. It’s crucial to follow Internal Revenue Service (IRS) rules to avoid paying taxes and penaltiesBecome a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.

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