IRA rollover

An IRA rollover involves transferring funds from one Individual Retirement Account (IRA) to another, usually when changing jobs or retirement plans. This process helps individuals maintain tax advantages and avoid penalties. Essentially, you withdraw money from one account and deposit it into another, ideally within 60 days, to keep your retirement savings intact. There are options like direct rollovers, where the funds are transferred without you handling the money, ensuring a smooth transition and preserving your investment's tax-deferred status. This strategy supports long-term savings for retirement while maintaining the flexibility of chosen accounts.