If you have a traditional IRA account, you can turn it into a Roth IRA account. Most retirement accounts can be turned into Roth IRA. This is what we see a lot of clients doing, and it honestly pays off in the end. This is because of the tax aspect of the account.
So, when it comes to completing a Roth Rollover, the process can be quite simple once you already have a traditional IRA account. All it takes is changing that account to a Roth account at the same insurance agency or opening a new Roth IRA account and have it transferred there.
For example, let’s say you had a traditional IRA account at a different insurance company. This account was started with your former employer, but you have changed companies and are working somewhere else. They also set up a retirement account for you, let’s say in the form of a traditional IRA 401K account.
So, now you have two traditional IRA accounts that you are making steady contributions to. If you want to merge the two accounts, you can do so through a rollover process. All that you need to do is contact us at Best Life Insurance.
At this point, you have the choice of doing a trustee-to-trustee rollover or indirect rollover. With a trustee-to-trustee account, the assets from the other accounts are sent directly to this new one.
By doing an indirect rollover, you get a check of the total sum from the previous traditional IRA account. You have 60 days to deposit the check into a new retirement account. Your new account, in this case, would be the Roth IRA account.