a 457 is like a 401k, but it is usually offerred by governments rather than businesses.
an IRA is an Individual Retirement Account...with the emphasis on individual.
Ira is not typically offered to employees by a business
The withdrawal rules of a 457 are different from a 401k also...there's no 10% penalty for taking you money out before 59 1/2. Local and state government employers offer 457 plans to their employees but you have to be careful of costs. A lot of 457 plan providers charge a lot for their plans. These and similar questions about 457s are answered also at 457planinfo.com
Yes, you can rollover other retirement funds in to the 401(k). These funds can be from the 401(k) or 403(b) account from the prior employer, 457(b), IRA, or perhaps a SEP IRA. Rollovers from simple IRAs are permitted after 2 years of participation within the simple account.
You can figure out the the amount to invest in your Roth IRA account at www.fairmark.com. You can also try www.investortrip.com/which-roth-ira-account-is-best-for-your-retirement/
IRA mutual funds are those that are suitable for an IRA. An IRA is otherwise known as an 'Individual Retirement Account'. It is an account designed for retirees in the US.
You can roll over a 401k account into your IRA account. This is cost effective and relatively easy.
An IRA Sep account has a number of advantage versus a regular saving account. First the interest accrued is much larger with an IRA. Also, the person with the IRA does not have to pay taxes on it until they start withdrawing.
No, a 457 IRA is no the same as a Roth IRA. A 457 IRA is a type of retirement account that holds money pre-tax, so when the money is withdrawn in retirement, it is taxed as income at that time. A Roth IRA is funded with after tax dollars, and taxes are not assessed at the time of withdrawal.
No, you can only roll a 457 into a traditional IRA As of January 1, 2008, you can roll over pre-tax 401(k), 401(a), 403(b), and 457 plans directly into a Roth IRA
I have the SAME question. $45k sitting in a traditional IRA earning 4% with CD's. I'm now with county govt. Want to get some money moved into the 457 plan (with ICMA) to earn possibly higher. Are there fees, expenses, penalties? Can it be done?
You should be able to do this but you may want to look at the plans rules and documents to determine your best method to do this for your benefit. You definitely can close your account but you really can't withdraw your funds before you separate from service (unless you have an unforeseeable emergency). Once you separate, you can close out your account by withdrawing it all or transferring it to another employer's 457 plan or to an IRA. Watch out though when transferring to an IRA...you can take the money penalty-free from a 457 plan at any age after you leave your job, but have to be 59 1/2 or over to avoid a 10% penalty when pulling money from an IRA (with some exceptions). Other 457 plan answers can be found at 457planinfo.com
Yes, you can rollover other retirement funds in to the 401(k). These funds can be from the 401(k) or 403(b) account from the prior employer, 457(b), IRA, or perhaps a SEP IRA. Rollovers from simple IRAs are permitted after 2 years of participation within the simple account.
You can figure out the the amount to invest in your Roth IRA account at www.fairmark.com. You can also try www.investortrip.com/which-roth-ira-account-is-best-for-your-retirement/
IRA mutual funds are those that are suitable for an IRA. An IRA is otherwise known as an 'Individual Retirement Account'. It is an account designed for retirees in the US.
You can roll over a 401k account into your IRA account. This is cost effective and relatively easy.
No, the inherited funds (beneficiary IRA) have to remain in inherited (beneficiary) form. So the account/funds can only be distributed out of the beneficary IRA as a distribution or transfer to another alike roth beneficiary account at another firm. However, the deceased account can be transferred into the surviving spouse Roth IRA (or transfer to a beneficiary IRA account). A non-spouse doesn't have this option- they can only transfer to their beneficiary IRA account that they opened.
An IRA Sep account has a number of advantage versus a regular saving account. First the interest accrued is much larger with an IRA. Also, the person with the IRA does not have to pay taxes on it until they start withdrawing.
Technically, the SEP IRA and the Traditional IRA are the same type of account. The only difference is that the SEP IRA is allowed to receive employer contributions. Therefore, you can combine the SEP IRA into the Traditional IRA without any ramifications. When doing so, move the assets as a (nonreportable) trustee-to-trustee transfer.
If the CD is already in an IRA account, you can transfer it to any other IRA account that will accept your CD. However, unless you have a brokered CD, it ordinarily can't be transfered to another bank or to a brokerage. If you have an ordinary CD that you bought at a bank, it has to stay in the same bank. If the CD is not in an IRA account, you cannot put it into an IRA account. Only cash (including checks, money orders, and electronic funds transfers) can be contributed to an IRA. If you are eligible to put money into an IRA, you will have to wait until the CD matures and cash it out or cash it out early and pay a penalty. Then you can use the cash to make a contribution to an IRA subject to the usual annual limits on contributions.