Step 1 – Choose an IRA
- First, determine whether you need a Traditional or Roth IRA. Your designated Roth account can only roll to a Roth IRA, or another designated Roth account, it cannot roll to a Traditional IRA.
- Then, decide how you would like to work with Wells Fargo. Select Your Rollover Account
If you need help call us at 1-877-493-4727 .
Step 2 — Transfer funds from your old QRP
Contact the plan administrator of the QRP you are rolling ( contact information can be found on your survive QRP statement ), and request a direct rollover distribution collectible to Wells Fargo. Make indisputable to :
- Ask to roll over the funds directly to Wells Fargo for benefit of (FBO) your name.
- Reference both your name and the account number (if available) of the new IRA you set up.
They will either send the funds directly to Wells Fargo, or you will receive a check in the mail made account payable to your IRA to deposit into your Wells Fargo IRA.
Step 3 — Invest your savings
once you have your savings, it ‘s time to invest them. Depending on how you chose to work with Wells Fargo in Step 1, you can either :
- Choose the investments that make the most sense for your unique goals and situation.
- Contact us for help creating an investment allocation tailored to your needs.
once you have decided to roll over your QRP into an Individual Retirement Account ( IRA ), here ‘s how it ‘s done :
Please keep in mind that rolling over assets to an IRA is just one choice for your stipulate employer sponsored retirement plan ( QRP ). Each of the following options is different and has advantages and disadvantages and the one that is best depends on your individual circumstances.
- Roll assets to an IRA
- Leave assets in your former employer’s QRP, if QRP allows
- Move assets to your new/existing employer’s QRP, if QRP allows
- Take your money out and pay the associated taxes
When considering rolling over assets from a QRP to an IRA, factors that should be considered and compared between the QRP and the IRA include fees and expenses, services offered, investment options, when distributions are no long subjugate to the 10 % extra tax, treatment of employer livestock, when required minimum distributions begin, and protection of assets from creditors and bankruptcy. Investing and maintaining assets in an IRA will broadly involve higher costs than those associated with employer-sponsored retirement plans. You should consult with the plan administrator and a professional tax adviser before making any decisions regarding your retirement assets. We ’ ra here to help
Call us 1-877-493-4727