- Setting up an IRA Rollover
- Expand Your Choice of Investments
Who Can Help Me Set Up an IRA Rollover?
Your investment professional can help you decide if rolling into your employer’s plan or an IRA will meet your needs. You should consider factors like fees and access to your money.
Setting up an IRA rollover
Have you decided to make an IRA rollover but don’t know where to start? Establishing a rollover IRA is quick and can be easy − with the help of your investment professional, of course.
Your investment professional will get the ball rolling by providing the forms you’ll need, helping you fill them out, answering your questions and helping you pick a strategy for your personal situation.
There are a number of things you and your investment professional will need to discuss, such as:
- Your financial situation
- Suitability of an IRA in your investment portfolio
- Types of investments that may suit your needs
- Fees that you may incur
- Withdrawal restrictions
Keep in mind, your IRA may be subject to market risks, including possible loss of principal.
To avoid tax withholding and possible penalties, be sure any loans on the retirement plan are paid off and your current plan custodian is instructed to send funds directly to your new rollover IRA custodian. Also know that neither Nationwide® nor its representatives provide tax or legal advice. You should consult with an attorney or other professional advisor for such advice.
Unless you are making withdrawals for qualified expenses, withdrawing any or all of the funds will trigger a 20% mandatory tax withholding and a 10% early withdrawal penalty, if you are under age 59½, in addition to paying ordinary income tax
Come prepared
To best help you, your investment professional will need to have a good understanding of your personal financial situation. On your first meeting, be prepared to bring:
- Information and statements from your employer-sponsored retirement plan
- Information and statements from other investments, including any other IRAs
- Checking and savings account information
Not a deposit • Not FDIC or NCUSIF insured• Not guaranteed by the institution • Not insured by any federal government agency • May lose value
