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Here’s the key difference between a direct rollover and an indirect rollover: In a direct rollover , a worker requests assets in a retirement account such as a 401(k) or 403(b) be transferred to ...
“The longer the time between the conversion and using the money, the better,” says Gilbert. “That way the money continues to grow after you paid the tax bill.” Watch out for the five-year rule
Rollover and convert to a Roth IRA Another option is to roll over your 401(k) into a Roth IRA . The Roth IRA provides enviable tax advantages such as never paying taxes on gains when the money is ...
To make the rollover process less daunting, financial guru, author and radio host Dave Ramsey has broken it down into four simple steps. 1. Choose Between a Traditional or Roth IRA.
I’m 70 years old, have $1.5 million in a 401(k), and just started taking Social Security. Is it too late for a Roth conversion? There’s a benefit to saving for retirement in a traditional 401 ...
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