A Safer Retirement and Environment – What We’re Implementing to Help Keep You Safe: READ MORE

Here at Pinnacle Retirement Group, we are adhering to state and local guidelines in order to protect both the health and safety of clients and staff. Keeping our clients and staff safe is our highest priority and we’re taking all appropriate measures to ensure a safe environment. Should you prefer to not meet face-to-face, we are continuing to serve our clients through virtual settings such as Zoom or phone calls.

We look forward to continuing to help individuals and families achieve their ideal retirements.

Pinnacle Retirement Group
(610) 707-9170

CLOSE

 

Book or Change Your Appointment

THE AGE 55 EXCEPTION AND ROLLOVERS OF ROTH IRAS: TODAY’S SLOTT REPORT MAILBAG

Question:

Can an individual who is using the age 55 exception to the 10% early distribution penalty roll over a part of a 403(b) account to an IRA and leave a portion in the 403(b) to take penalty-free withdrawals?

Thank you,

Jamie

Answer:

Hi Jamie,

There is no rule under the tax code that says the age 55 exception can’t still be used after a portion of the account balance has been previously rolled over to an IRA. However, it’s possible the 403(b) plan may have an administrative rule that bars participants from taking partial distributions. You should check with the plan’s administrator to confirm any plan-specific guidelines.

Question:

Can a Roth IRA be rolled into a Roth 401(k)?

Answer:

No. Only pre-tax IRA funds can be rolled over to workplace plans. Roth IRAs can only be rolled over to other Roth IRAs.

https://irahelp.com/slottreport/the-age-55-exception-and-rollovers-of-roth-iras-todays-slott-report-mailbag/

Ready To Take

THE NEXT STEP?

For more information about any of our products and services, schedule a meeting today.

Schedule a Meeting

Or give us a call at (561) 629-7820