Consolidating 401k plans

Most common types of retirement accounts can be transferred into one IRA account, and one Roth IRA account.

For example, once you have left your employer, you can move your 401(k) to an IRA (this is called a rollover).

The government has blessed us with the ability to max out our 401k to ,000 a year in 2017, the same amount for 2016.

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I always recommend trying to max out your 401k as fast as you can.

Once you get into a max habit you’ll rack up some big bucks in no time.

In some situations you can enter retirement with three accounts or less: one IRA, one Roth IRA, and one regular brokerage/savings/mutual fund account that is not a specific type of retirement account.

First you must have an IRA account opened and an account number.

When you reach age 70 1/2 you are required to take a minimum withdrawal amount, and this can be challenging to manage if your accounts are spread out.

If you have after-tax contributions in your 401(k) plan or other retirement accounts those can usually be transferred into a Roth IRA account.So many people don’t even bother to try because they don’t feel like it’s possible.But once they try, they kick themselves for wondering why they didn’t max out their 401k sooner.Many retirement plans insist on mailing the check to you, and it will be up to you to quickly get it to your new IRA custodian.The IRA rollover must be completed within a 60 day time frame or it will be considered a taxable distribution.As you get near the point where you will need income from your retirement accounts, it is likely you will want to transfer old 401(k)s to an IRA to simplify the process of managing your retirement money.

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