If you’ve worked for a number of years, you likely have accumulated retirement accounts at several institutions. Many people hold several jobs over their careers, and end up with retirement accounts, including 401(k)s and 403(b)s, scattered among different providers. “Rolling over” or consolidating your retirement accounts into an Individual Retirement Account (IRA) can help you simplify and make more informed decisions about your retirement planning.
There are good reasons to consolidate your retirement accounts into a single IRA, whether you’re nearing retirement or still working and saving.
When you consolidate, or roll over, one or more retirement accounts, you move assets into an IRA. Note that many types of retirement accounts, not just workplace plans, can be rolled over into an IRA. Advantages of an IRA rollover include:
For more information, see Making a Change With Retirement Funds? Think Carefully
1 Certain securities may not be suitable for all investors.
Before consolidating assets, be sure to carefully consider the benefits of both the existing and new product. There will likely be differences in features, costs, surrender charges, services, company strength and other important aspects. There may also be tax consequences or other penalties associated with the transfer of assets. Indirect transfers may be subject to taxation and penalties. Consult with your own advisors regarding your particular situation.
Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.
TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Brokerage Services are provided by TIAA-CREF Brokerage Services, a division of TIAA-CREF Individual & Institutional Services, LLC.
There are benefits to an IRA rollover.