Personal Investments • Where and How to Rollover

Navigating retirement account rollovers can be a bit complex, but it's great that you're planning ahead. Considering your preferences for Fidelity or TDA, you can roll over your wife's balances from the 403b accounts to an IRA with either of these providers.

Here's a step-by-step guide:

Choose the Provider: Select either Fidelity or TDA based on your personal preference. Both are reputable choices.

Contact the New Provider: Reach out to the chosen provider to initiate the rollover process. They will guide you through the necessary paperwork.

IRA Type: Opt for a Traditional IRA to maintain the tax-deferred status of the funds. This choice will also keep the door open for potential backdoor Roth IRA conversions in the future.

Avoid Commingling Funds: Ensure that the rollover funds are deposited directly into the new IRA account to prevent any tax implications.

Track Documentation: Keep detailed records of the rollover process for future reference.

Regarding the backdoor Roth IRA, you can explore this option in the future without any complications. Just be mindful of the tax implications and contribution limits associated with such conversions.

Feel free to consult with a financial advisor to tailor these steps to your specific financial situation. I hope this helps!

Statistics: Posted by avburns — Mon Mar 11, 2024 6:20 pm — Replies 4 — Views 392

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