Types of 401k rollover

You can simplify matters by deciding on a 401k  rollover that will handle your taxes in the same way that your 401(k) does – or consider making a change.

Advantages are offered by both traditional IRA and Roth IRA. Selecting one of these for your IRA rollover will depend on your current account, along with other factors, which can include the desired timing of paying your taxes.

Available options:

  • Roll over your Roth 401(k) – tax free – into a traditional IRA
  • Roll over your traditional 401(k) – tax free- into a new traditional IRA
  • Rollover your traditional 401(k) into a new Roth IRA. Be advised, though, this will entail owing taxes, since this is considered as a “Roth conversion”.

An option that is not available: Converting a Roth IRA into a traditional IRA.

Follow the step-by-step rollover process step-by-step

It can be said that you are the one who understands your retirement requirements. Decisions will need to be made, but help is available.

Even though the typical IRA rollover takes approximately 2-3 weeks, you’ll only be spending between 20 – 30 minutes starting the process. The reason for this is that once you’ve set things up, we can handle the majority of the details that remain.

Steps for a retirement savings roll over

  • Visit the IncomeClub website in order to begin opening your IRA account
  • Select the type of IRA rollover that you prefer
  • Follow the instructions that are given by the Interactive Brokers (custodian/broker)