A Rollover Individual Retirement Account (IRA) has the same tax benefits as a Traditional IRA and there is no limit to the amount you can rollover from a qualified plan.
Best if you
- Would like to have a broader choice of investments and keep your savings tax-deferred
- Want to rollover assets from multiple former employer plans into one easy-to-manage account
- Are interested in flexible distribution options
- Tax advantages are protected
- No limit to the amount of tax-deferred money you can transfer
- Generally, lower investment costs
For your information
It may be helpful to consider some of the contribution and distribution requirements when deciding if the Rollover IRA is right for you.
When choosing a retirement plan, consider some of these contribution requirements for a Rollover IRA.
- Eligible individuals may rollover savings from former workplace plans, including 401(k), 403(b) or 457(b).
- For 2017, your contributions to all of your Traditional and Roth IRAs cannot be more than $5,500 ($6,500 if you're age 50 or older), or your taxable compensation for the year, whichever is less.
Rollover IRA withdrawal rules and penalty details vary depending on your age.
- Your deductible contributions and earnings will be taxed as ordinary income.
- For distributions, participants must be over age 59½, disabled, deceased or a first-time home buyer. There is a 10% penalty for withdrawals before age 59½.
- Minimum required distributions start at age 70½.
- Under certain circumstances, you may be able to avoid the penalty on early withdrawals.
Whether your priorities include retirement, education, security, a life event, legacy planning—or all of these—BB&T Investments has solutions to help you reach your goals.
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