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A Brief Introduction to IRA Rollovers

Barry Kornfeld

Barry M. Kornfeld is a financial advisor and principal with First Financial Tax Group in Boca Raton, Florida. In this position, Barry Kornfeld provides clients with a variety of financial services, including help with IRA rollovers.

An IRA (individual retirement account) rollover occurs when the account holder decides to move funds from a retirement account, such as a 401(k), into an IRA or Roth IRA. Rollovers typically take place when the account holder accepts a new job, but individuals may be interested in pursuing a rollover anytime they have the opportunity to secure a more beneficial IRA program. Barry Kornfeld also offers access to the co-lending opportunities (CLO's)paying at least a 6% annualized fixed rate for just 9 months at a time, with interest paid out monthly. These can be held inside IRA rollover accounts, so clients can enjoy tax deferred monthly income.
There are several relatively simple ways to roll over an IRA, including a direct transfer. Rollovers can also be completed by check, which involves the retirement account custodian writing a check to the account holder, who then deposits the funds into the new IRA or Roth IRA.
Checks that are not deposited with 60 days may be subject to income taxes since the Internal Revenue Service views such transactions as early distributions. To learn more about maximizing an IRA rollover and avoiding unnecessary taxes and penalties, contact a trusted financial advisor. For many, their IRA is one of their most important retirement pools to draw on during their golden years.

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