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Retirement > Articles & Resources > Ready to Roll Over?
Ready to Roll Over?
Ask these important questions before making a decision about your employer-sponsored retirement account(s).

A rollover IRA allows you to transfer any number of existing retirement accounts into one account and protect their tax-deferred status while gaining more control over your retirement investments.

A rollover IRA can be an integral part of your retirement plan. It can help you:

  • Continue growing and accumulating your assets on a tax-deferred basis.
  • Gain access to the investment options you want.
  • Cut through the clutter of tracking multiple accounts by consolidating all of your retirement assets, allowing you to spend more time on the things that matter most to you.
Who can roll over?
You can open a rollover IRA with money from a qualified retirement plan (profit sharing, 401(k), defined benefit), 403(b) or Government 457 Plan, etc. if you have experienced a “triggering event,” which may include:
  • Attainment of age 59 1/2
  • Job change or retirement
  • Divorce
  • Disability
  • Death (if spouse is beneficiary)
  • Plan allowance of in-service distributions
  • Plan termination
Understand your options
Just because you have assets that can be transferred to a rollover IRA, does it make sense to do so? That depends on your current situation and your future plans. In general, you have a number of options from which to choose:
  • Leave your assets in their original plan
  • Move assets over to your new plan
  • Take a cash distribution
  • Roll assets over to a rollover IRA

Your Thrivent Financial representative can help you understand the pros and cons of each option.

If you roll your assets over to a rollover IRA
Rollover IRAs are popular with people who want to simplify their retirement assets and enjoy continued tax-deferred growth.

Often, rollover IRAs provide more investment options for account holders and their beneficiaries than do qualified retirement plans. They also provide the ability to take penalty-free distributions before age 591/2 of up to $10,000 to fund a new home purchase, or up to any amount for higher education expenses.

Questions to ask about a rollover IRA:

  • What’s the purpose of the money accumulated in my retirement account?
  • Do I want to continue growing and accumulating my assets on a tax-deferred basis?
  • What kind of investment options are available in the IRA? Are they in line with my personal investing style, long-term goals and risk tolerance?
  • What expenses are involved?
  • What would be the ramifications now and in the future if I were to take a cash distribution?

Note: There are no loan capabilities with a rollover IRA and the tax advantages of any appreciated

Contact your Thrivent Financial representative for more information.

 
 
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Thrivent Financial for Lutherans, its affiliates, Financial Representatives and employees do not provide legal, accounting, or tax advice or services. This summary information is provided for your education, and to help you start preparing for retirement. It is not intended to be tax or legal advice. We strongly advise that you consult your legal and/or tax advisor before making any tax-related financial decisions.

Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.
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This document was last updated on Thursday, May 17, 2007 at 12:34 PM