By Lisa Kopp, IRA Supervisor and Guest Blogger
Since starting in the Scottrade IRA department 10 years ago, I can say one of the most common questions we receive is, “How do I roll over funds to an IRA?” If you decide to roll over funds and have that same question, here are some steps which can help.
- Contact your plan administrator or financial institution where you currently have your retirement account – such as 401(k) or 403(b). Let them know you want to roll over your qualified plan. You will want to ask them what paperwork will be required, along with what fees or penalties may be charged.
- Open your Scottrade IRA account. This can be done at your Scottrade branch or online. You will want to have an IRA account established first, so when the funds are requested to be rolled over they go directly to that new account.
- Complete and submit the required rollover paperwork from your plan administrator or financial institution. Be aware, some rollover paperwork requires you to include your new IRA account information or a fund acceptance letter from Scottrade. We will work with you one-on-one to answer your questions and help you complete the rollover paperwork. You don’t want to have any errors or miss checking an important box because it could delay getting the funds rolled over to your new IRA. If you find the required rollover paperwork confusing, you’re welcome to bring the paperwork to a local Scottrade branch or call our National Service Center at 1-800-619-7283.
- Sign and submit all forms to your plan administrator or financial institution and Scottrade.
With the right help from Scottrade, your rollover can be an easy process and one that can help put you in control of your investments.
Need More Information? Keep Learning
Considering a Rollover? Start here.
Lisa, started in the Scottrade IRA department in October 2004. She handles IRA rollovers, distributions and answering client IRA questions.
Scottrade does not provide tax advice. This material is for informational purposes only. Please consult your tax or legal advisor for questions concerning your personal tax or financial situation.
Before making any rollover decisions, investors should research and consider all available retirement options carefully. Your decision should reflect consideration of various factors, including the benefits and penalties involved. Some of these factors include, but are not limited to, investment or account related fees and expenses, differing levels of service available, withdrawal penalties, creditors and legal protections, required minimum distributions, and factors related to owning employer stock. The importance of these factors will vary depending on your individual needs and circumstances. Tax consequences may vary depending on state law and your individual situation. Scottrade does not provide tax advice. Please consult your tax or legal advisor for questions concerning your personal tax or financial situation.