What is the difference between an IRA and a Rollover IRA

Explanation of the difference between regular IRAs and "rollover" IRAs

#IRA #RolloverIRA #RetirementPlanning

DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Andy Panko EMC LLC make any representations to its accuracy.

[kaitlyndavis]

As someone who is trying to start as young as possible (23) this was very helpful to understand what is going on. I don't have enough experience reading complex legal paperwork to understand the breakdowns online on what each thing is, so I can make the best informed decision. This video was very helpful in understanding what each ira means as l try to transfer from my first job with a 401k!

[soothingrelaxationandmedit]

Great video, one that folks really need to watch. I' m 50, retired a while at 45. 1 have 35% of my capital invstments in an IRA. 25% in index funds, and the balance spread across other investment accts. in cumulative of over $ 5M. I receive income from my rental properties too. Zero debt and all is going accordingly. My financial consultant has been patient and has done a wonderful job for me throughout the years.

[davidfolts]

Thank you for explaining IRA complexity in a clear way, Andy Panko.

[MarioLuigi-vbrp]

Can you contribute in both a rollover ira and a traditional Ira at the same time in the same year and the annual max ammount on fidelity? I have a rollover but also want to open a traditional on fidelity as well and would like to have different approaches in both accounts. I can’t get an answer anywhere.

[kaxar]

I changed my 401K to a roll over IRA when I left the USA more than 15yrs ago. My problem, is I don't know if I should pay the tax in the UK or the US when I decide to cash it out. I am not American but live in the UK😏

[DarthRoach]

Question: I recently left the military and can no longer contribute to my ROTH TSP (As far as I know). Do I need to open a Rollover IRA account with Schwab for example to roll it over from the TSP so I can continue to grow it?

[tomatodo]

Great explanation. Are the rules the same for Roth IRA, you can rollover to a Roth TSP or Roth 401k?

[karlafoster]

Question: Rolled over retirement pension monies into Traditional IRA. Currently receive Social security $25, 000. Turbo tax said my rollover amount exceeds my income so will have penalty, HELP Please

[betsy_braids]

When I quit my job my 401k was moved to a rollover IRA account. Should I just leave it and keep adding to it or do the contribution IRA? I am self employed now and I really want the best plan for my future. Thank you ! 🙏

[peter-hrgl]

I am so happy that now when I read these titles I KNOW the answer without watching/reviewing most of the content these days (after undergoing a steep learning curve the past few years). I appreciate these Andy, but am getting less and less in need of them (and that means you and others like you are doing your job well as teachers). Thanks.

[xarvetx]

Why would you want to roll money from a rollover IRA back into a new employer 401(k)? Just curious what the benefit might be.

[dorf]

Do I need to wait a month before I can roll over my employer 401k to my rollover ira? left my company on the 5th of April.

[HolisticTake]

Why would I want to put my IRA funds into an employer retirement plan please?

[APassageForms]

Thank you for the succinct and helpful answer 🙌