Consolidating roth ira accounts
There are many different types of retirement accounts.
It can get confusing to keep track of what you have and how it is invested when you have a lot of different accounts.
Eric could simplify his record keeping by combining some of his accounts.This is especially true when you are merging like-kind retirement plans.Just as is the case with employer-sponsored retirement plans, it’s pretty easy to reach the point you have more than one IRA account.You do not get a tax deduction for the money you put in, but it grows tax- free, and if you follow the rules, when you withdraw it, it will be income tax-free.If you have a Roth IRA and a Roth 401(k), at retirement your Roth 401(k) can be rolled over, or combined, with your Roth IRA.
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Review your Roth IRAs by comparing the interest rates, management and/or custodial fees and the terms for each account to determine which one to keep.