Posted by admin on 1 Jun 2008 6:32 am. Filed under Investing.
Answer asked:
I am age 62 and taking out my 401K. I have the option to rollover a portion and take out a portion as cash.
What types of investments are considered “rollovers”.
Does the investment need to have IRA in the title? like IRA-CD or can it just be a CD or money market bank account?
5 Comments to “What types of investments are considered “rollovers”?”
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smiling_freds_biz_info said:
On June 3rd, 2008 at 6:11 pm
check with a trusted financial planner.
justwondering said:
On June 6th, 2008 at 6:16 am
Needs to have the IRA in it and be governed by the same rules so you can avoid the tax and penalty if that applies before age 65.
Jo Blo said:
On June 6th, 2008 at 12:57 pm
You have the option to roll all of it over into an IRA or spend it all,, but you will pay a bunch of tax if you don’t roll it over.
An IRA could be invested in stocks, cd’s, bonds, etc. with a brokerage firm or bank as examples..
a2z_4me said:
On June 9th, 2008 at 10:56 am
roll over is into another retirement account to prevent being taxed on it all till it is needed. Check with your bank on accounts that qualify.
Jess B said:
On June 12th, 2008 at 3:07 pm
Whatever you roll over needs to be in a qualified retirement account–in your case, most likely an IRA. Keep in mind that once you reach 70 1/2 you are required to take distributions from your IRA so don’t put a ton in there if you won’t need it. (which surprisingly is the case with many people-wish I had that problem)
On June 3rd, 2008 at 6:11 pm
check with a trusted financial planner.
On June 6th, 2008 at 6:16 am
Needs to have the IRA in it and be governed by the same rules so you can avoid the tax and penalty if that applies before age 65.
On June 6th, 2008 at 12:57 pm
You have the option to roll all of it over into an IRA or spend it all,, but you will pay a bunch of tax if you don’t roll it over.
An IRA could be invested in stocks, cd’s, bonds, etc. with a brokerage firm or bank as examples..
On June 9th, 2008 at 10:56 am
roll over is into another retirement account to prevent being taxed on it all till it is needed. Check with your bank on accounts that qualify.
On June 12th, 2008 at 3:07 pm
Whatever you roll over needs to be in a qualified retirement account–in your case, most likely an IRA. Keep in mind that once you reach 70 1/2 you are required to take distributions from your IRA so don’t put a ton in there if you won’t need it. (which surprisingly is the case with many people-wish I had that problem)