Rollover vs Traditional IRAs

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Explanation of the differences between a Rollover IRA and a Traditional IRA. Also discusses when a Rollover IRA may potentially be better than a Traditional IRA.
Links in this video:
Retirement Planning Insights - www.tenonfinan...
Taxes in Retirement - / taxesinretirement
#RolloverIRA #IRA #Rollover401(k)
DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy.

Опубликовано:

20 окт 2024

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Комментарии : 31

@batasheemum 3 года назад

I joined a new team working on robo advisors. These videos are a blessing. I am able to make sense of what I hear everyday

@donnajoseph4957 2 года назад

Thank you for making it simple to understand. I , along with many others I'm sure, appreciate it. Very easy to follow. Stay with this style and there will be thousands more to follow.

@RetirementPlanningEducation 2 года назад

Thank you for the kind words! I’m glad you’re enjoyed it.

@krisshhh2311 3 года назад

This was exactly what I was looking for - great information! Thank you

@lorenceman 4 года назад

Found your video from the Choosefi FB page 🤙 looking forward to learning from your channel! Earned my sub and happy to support a fellow small finance channel.

@tf2432277 4 месяца назад

Great video!!!! So much info in so little time!!!

@stimey17 2 года назад

great video...first person I have heard that broke it down like this. Thank you

@RetirementPlanningEducation 2 года назад

I’m glad you liked the video, thanks!

@craigbutcher8079 7 месяцев назад

If you roll over from a 401 or 403b deferral plan into an existing IRA, do you have to track RMD's separately? I read that the sum of RMD's for all your IRA accounts is what matters. For instance, you have three IRA's and say you have a 1K RMD due from each, you can take 3K from one IRA and that satisfies the RMD requirement for that year. But I understand that if you have two IRA's and a rollover from a 457b plan, same RMD, if you take 3K from one IRA, you still have to take another 1K from the IRA rolled over from your 457b plan.

@RetirementPlanningEducation 7 месяцев назад

Once the 457, 401(k) or 403(b) is rolled to an IRA, it gets aggregated with all other IRAs for purposes of RMDs. And you can meet the aggregate RMD by taking a distribution out of just one of those IRAs. It doesn’t matter that the money was originally from an employer plan. But if you keep money in an employer plan, then that plan needs its own RMD take separate from the IRAs.

@craigbutcher8079 7 месяцев назад

That simplifies life considerably! Thank you for the clear, direct, and comprehensive response. My I say you have a truly remarkable gift as a teacher? In all this subject matter (retirement, taxes, investment planning) you are without peer in clarity, concision, and the ability to organize the material in the most perspicuous manner.

@RetirementPlanningEducation 7 месяцев назад

@@craigbutcher8079thank you!

@Boss365_allday 3 года назад

The best explanation regarding this topic.

@RetirementPlanningEducation 3 года назад

Thank you!

@andyv4822 3 года назад

Hi thank for your video now I know that I should keep the rollover ira separate for a while. I am still debating in order to roll it into my current 401k. I would like to see the 401k grew faster at the same time the rollover ira allows me to day trade the stock which yield me nice gain so far. Love your video!

@weldo1948 10 месяцев назад

I enjoyed your video but do have one question. In the opening, you mentioned 457-B plans but never addressed them again. I was informed by HR that these cannot be rolled over into an IRA or into a Qualified Charitable Contribution. Is that correct?

@RetirementPlanningEducation 10 месяцев назад

Hi. Yes, a 457(b) can be rolled to an IRA. See the IRS rollover chart below that summarizes what's possible. But as for QCDs, not, you cannot do a QCD directly from a 457(b). You would have to first roll it to an IRA, and then you can do a QCD out of that (assuming you're at least 70.5 years old when you do it). www.irs.gov/pub/irs-tege/rollover_chart.pdf

@weldo1948 10 месяцев назад

Thank you for the help. I had a non governmental 457-b in two types. About 20% was as an employee account and the remaining 80% as a director on the corporate board. I have now withdrawn all of it over the five years in the plan. Paid lots of taxes (22 and 24%)and wondered if I was misinformed by the corporation. I look forward to your future videos! @@RetirementPlanningEducation

@taylorgilmore9427 2 года назад

This was very informative, thank you for making the video.

@RetirementPlanningEducation 2 года назад

Thank you for the feedback, I'm glad you found it helpful!

@brittanyblackmer4654 Месяц назад

Pretty informative- thank you

@sivas8611 Год назад

Thanks Pal

@lingo1708 3 года назад

Very helpful info! Thank you so much!

@amolsw Год назад

thank you...nicely explained

@ericsuperpham 3 года назад

Great video man! I’m about to enter the finance industry. Everyone keeps telling me the get the CFP ASAP but is it really needed to become a great FA in the future?

@RetirementPlanningEducation 3 года назад

It's not an absolute necessity but it will definitely help. Not only will you learn a lot from going through the curriculum and taking the exam, but it will help in making you a bit more marketable. There are some people who never heard of the CFP and won't care whether or not you have it. And then there are others who only consider those who are CFPs. Is it required...no. Would I recommend it...yes.

@craigbryson6340 4 года назад

Andy, do you know if you can do multiple rollover in one year? I was reading an article and it said you can only do one IRA rollover per year or every 365 days. thanks for your videos.

@RetirementPlanningEducation 4 года назад

It depends what kind of rollover you do. If it's an "indirect" rollover, yes, you're limited to doing them only once every 365 days. An indirect rollover is where the account you're rolling from sends you the proceeds and you then turn around and send those proceeds to your IRA. But you can do "direct" rollovers as much as you want. Those are also called "trustee-to-trustee" rollovers or transfers. In that case, the account you're rolling from sends the proceeds directly to your IRA...it skips the part where it first goes to you. It's cleaner and easier to do direct rollovers anyway, so you should generally try to do it that way instead of indirectly anyway.

@dangremaus1164 Год назад

The $1.36m contribution limit for bankruptcy protection makes no sense. Even if you make the maximum $6000 a year in contributions from age 21 and $7000 from age 50+, you’ll never hit that contribution limit. Unless it possibly encompasses contributes AND growth.