Benefits of consolidating retirement accounts

Posted by / 25-Jan-2018 23:56

Benefits of consolidating retirement accounts

Traditional IRA distributions are taxed as ordinary income.Qualified Roth IRA distributions are not subject to state and local taxation in most states.Workplace retirement plans often allow you to take loans from your savings.Keep in mind that taking a loan from your retirement account can really cut into your progress toward your goals.Make contributions up to 00 (00 if you are 50 or older) before April 15 of the following year.Learn More The funds you picked as a 25 year-old might not make sense for your needs today.

Both may be subject to a 10% IRS tax penalty if distributions are taken prior to age 59½. A., Wells Fargo Advisors, or one of its affiliates as part of this website is published in the United States and is intended only for persons in the United States.When considering rolling over assets from an employer plan to an IRA, factors that should be considered and compared between the employer plan and the IRA include fees and expenses, services offered, investment options, when penalty free withdrawals are available, treatment of employer stock, when required minimum distributions begin and protection of assets from creditors and bankruptcy.Investing and maintaining assets in an IRA will generally involve higher costs than those associated with employer-sponsored retirement plans.We will account for the highs and lows that will come; so you can keep your attention where it needs to be - on your family, your friends, your career and yourself.Do you have multiple 401(k)s from previous employers?

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Since 1979, Wells Fargo has been serving the retirement planning needs of small and large businesses and now manages more than $17 billion in retirement plan assets.