How To Do A Scottrade IRA Rollover
A Scottrade IRA is a way for you to control your own retirement. Your funds are available when you need them, subject only to penalties and taxes you may owe. This is why many people choose this option. This article will show you how to do a Scottrade IRA rollover.
Decide what accounts you currently have that you would like to rollover to a Scottrade IRA account . This should include 401k’s through your employer, pension plans, and other IRA accounts. It will benefit you to make the rollover.
You will have more control of your assets. A Scottrade IRA account will allow you to withdraw money without penalties that you may incur with a pension or 401k. Another benefit is not having to pay taxes on distributions from your retirement plan if you do a Scottrade IRA rollover. In addition to those benefits, your money continues to grow tax free.
Determine whether you want to do a direct transfer or a 60 day rollover. With a direct transfer, no money is involved. This will ease the worry of a check getting lost in the mail, or forgetting to put the funds in your Scottrade IRA account in time to meet the 60 day time limit. With a direct transfer you will not have a portion of the money taken out of your check to pay the taxes on your Scottrade IRA rollover account. You will not have the option of spending some of that money within the 60 days and paying yourself back to make other investments.
With a 60 day rollover, the money is sent to you by check, and it is up to you to put that money into your new Scottrade IRA rollover account.
You can visit Scottrade online to get answers to any additional questions you have on how to do a Scottrade IRA rollover.