An IRA rollover is created by transferring funds from existing retirement accounts — for example, any 401(k)s you may have with previous employers — into a new, consolidated IRA. We can work with you to help you understand your investment options, including whether a rollover is right for you.
You can roll multiple retirement accounts, both employer plans and other IRAs, into a single Traditional or Roth IRA.
Consolidating multiple retirement accounts into a single account with one company has its advantages:
A clearer picture of your retirement savings
With multiple accounts managed by multiple companies, it's hard to see where you stand. Consolidating accounts can give you a clearer picture of investments, so you can help ensure asset diversity and help reduce risk.1
A single source of income to manage at retirement
Managing accounts — and distributions at retirement — is a lot easier with one statement and one source of income.
Potentially reduced expense
The fewer accounts you maintain, the fewer fees you potentially pay for each account. Based on Morningstar data, the expense ratio on all mutual fund products and variable annuity accounts managed by TIAA-CREF is generally less than half the mutual fund industry average.2
Prior to rolling over, consider your other options. You may also be able to leave money in your current plan, withdraw cash or rollover the assets to your new employer’s plan if one is available and rollovers are permitted. Compare the differences in investment options, services, fees and expenses, withdrawal options, required minimum distributions, other plan features, and tax treatment. Speak with a TIAA-CREF Consultant and your tax advisor regarding your situation. Review your options.
1 Before transferring assets or replacing an existing annuity, 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 associated with the transfer of assets. Indirect transfers may be subject to taxation and penalties. Consult with your own advisors regarding your particular situation. Please note Morningstar includes CREF variable annuities within the open-end mutual fund universe.
2 Applies to mutual fund and variable annuity expense ratios. Source: Morningstar Direct (December 31, 2013). The expense ratio on all mutual fund products and variable annuity accounts managed by TIAA-CREF is generally less than half the mutual fund industry average. 70% are less than half their respective Morningstar Universe average and 60% are less than half their respective Morningstar Universe median. Our mutual fund and variable annuity products are subject to various fees and expenses, including but not limited to management, administrative, and distribution fees; our variable annuity products have an additional mortality and expense risk charge.
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. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY.
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