What is a rollover IRA?

• A rollover IRA is a retirement account used to move money from a former employer-sponsored retirement account, such as a 401(k) plan or 403(b) plan, into an IRA without losing its tax-deferred status

Why consider a rollover IRA?

• If you’re leaving a job with an employer-sponsored retirement plan, you can leave that money where it is, cash out, or roll it over, either into a new employer's retirement plan or an IRA. 
• One benefit of rolling the money into an IRA is that you can consolidate all of your old 401(k)s, enjoy a broader selection of investments to choose from, and in some cases, you'll have lower administration fees.

What are the benefits of a rollover IRA?

Tax benefits

• Tax-deferred growth: You generally don't pay taxes on the money in your rollover IRA until you withdraw it. 
• Tax savings: When you roll your 401(k) or 403(b) money into an IRA, you'll avoid immediate taxes.

Investment options

• More choices: You can choose from a wider range of investments than you could in your employer's plan. 
• More control: You can have more control over your portfolio and make more personalized investment choices. 

Flexibility

• Combine accounts: You can combine multiple retirement accounts from previous employers into one rollover IRA. 
• Withdraw for certain expenses: You can withdraw money penalty-free for certain expenses, like a first-time home purchase, birth, or college expenses..
• Information: Easier to get up-to-date information and to make changes