Get the Basics
What is a rollover IRA?
A rollover IRA is when you take an account you already have—like an existing IRA or 401(k)—and roll it over into a new IRA . This might make sense when you change to a new job and want to rollover your 401(k) into an IRA, or if you decide you want to consolidate multiple accounts into one IRA. You may be able to choose from two kinds of IRAs for your rollover: a Traditional IRA or a Roth IRA
Things To Consider
IRA rollover basics and rules
When you roll over savings from one retirement account to another, the easiest way is to transfer the money directly between institutions.
You may also choose to receive a check for your rollover, but you’ll need to make sure you complete the rollover within 60 days.
If the rollover is not completed in time, you may be faced with tax withholding and/or penalties.
Either way you decide to take your funds, there is no limit on how much money you can roll over.2
How It Works
How to rollover an IRA
- Start your online IRA application and choose between a Roth or Traditional IRA
- Fund your IRA by rolling over money from your previous retirement account (by direct transfer or check)
- Review the investment options and choose the ones that are right for you
- Log in to your account and track your progress
Open an IRA
Why rollover and what are the benefits
- When you consolidate3 your retirement accounts into one, it's easier to avoid overlaps and gaps in your investment mix.
- It will make it easier to track progress toward your goals and give you simplified management of your account.
- TIAA IRAs have no fees, come with a wide array of low4 and no fee investment choices—plus, advice and support at no additional cost.