What is a rollover IRA?

At its heart, a rollover IRA (Individual Retirement Account) involves transferring funds from one retirement account—like a 401(k), 403(b) or 457(b)—to an IRA. An IRA rollover can also allow you to consolidate multiple IRAs into a single account. This can give you more control over your retirement assets while keeping the tax advantages these accounts offer.

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Advantages of rolling over a 401(k) to an IRA

More control over your savings

If you want to directly control how your retirement savings are invested, IRAs typically offer more options than 401(k)s.

Roth conversion potential

You could roll over funds into a Roth IRA. This would require you to pay taxes on the funds you roll over in the year you make the conversion.

Affordability

It's not always the case, but limited investment options in a 401(k) can result in you paying higher fees than with a comparable IRA.

Simplicity

If you've got multiple 401(k)s with former employers, a rollover IRA lets you bring all of these funds into one account.

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Ready to roll over an old account to an IRA?

A Northwestern Mutual financial advisor can help you kick off the rollover process.

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