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Rollover IRAs

Whether you’re retiring, changing employers or going through a job loss, it's time to decide what to do with the money you’ve saved in your retirement plan with a former employer.

Our Rollover IRA can help keep your retirement savings on course and reach your long-term savings goals.

Compare All IRAs

Advantages

There are good reasons why Rollover IRAs are so popular. They offer numerous benefits and optimum flexibility:

  • Your tax advantages are protected.
  • There is no limit to the amount of tax-deferred money you can transfer.
  • Accounts from multiple employers can be consolidated into a single IRA.
  • A wide range of investment choices is available.
  • A Rollover IRA can convert to a Roth IRA.
  • You can move your savings later to a new employer’s plan.
  • You are in control.

Eligibility

Eligible individuals include those who have changed jobs or retired and have savings in former workplace plans, including:

  • 401(k)
  • 403(b)
  • 457(b)

Minimum required distributions are not eligible to be rolled over to an IRA.

Withdrawals

If you are younger than 59½: Withdrawals are subject to a 10% penalty in addition to the regular federal and state income tax.

You may be able to avoid the penalty on early withdrawals under these circumstances:

  • First-time home purchase up to $10,000 
  • Qualified education expenses
  • Death or disability
  • Unreimbursed medical expenses
  • Health insurance if you're unemployed
  • Under certain circumstances, other IRS sections may allow withdrawals prior to age 59½. Your Investment Counselor can provide additional information.

If you are 59½ or older: All withdrawals are allowed without IRS penalty. Regular income taxes still apply.

Starting in the year you turn 70½: You must take required minimum distributions. The amount of the distribution depends on how much you have saved in the account and on your life expectancy, according to tables published by the IRS.

Options

These products are only a few of the retirement and investment solutions offered by BB&T Investment Services, Inc. For information on other products and solutions, please contact a BB&T Investment Services, Inc. Investment Counselor.

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