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Honored Contributor
Posts: 9,713
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?

@KathyPet I am glad you plan on getting advice from financial planners.  I can't stand Fidelity; I had to deal with them after my Dad died and I was thrilled to be done with them.

Esteemed Contributor
Posts: 5,892
Registered: ‎03-20-2010

Re: Rolling over a IRA multiple times?

First I am sorry for your loss.

 

Not knowing all the particulars of your situation, there may be regulatory issue concerning just changing the name.  If they are joint they may have been able to take his name off the account, however if the account is solely in his name it will need to be cancelled and the proceeds transfered to you.  I would suggest that you discuss this situation with someone you trust to avoid tax and penelty issues.

Someday, when scientists discover the center of the Universe....some people will be disappointed it is not them.
Honored Contributor
Posts: 33,580
Registered: ‎03-10-2010

Re: Rolling over a IRA multiple times?

Just be careful. The reason I personally like investment places like Fidelity is because they are paid a salary.  They are not paid a commission like so many others.  Also, there are safe guards in place so a broker cannot run off with all your money.

 

There are no safeguards with individual investment brokers and you hear quite a few stories about how they took peoples' money that they were supposed to be investing.  

Honored Contributor
Posts: 17,655
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?

Look into Vanguard as well--no fees are charged to you. One of the easiest and cheaper companies around according to various reviews of financial institutions.

I'm not a fan of FPs who charge fees to manage your money. Do your research.

☼The best place to seek God is in a garden. You can dig for him there. GBShaw☼
Esteemed Contributor
Posts: 5,419
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?


@KathyPet wrote:

Yes, I am going to talk to at least two investment firms that have been highly recommended to me by friends.  Both of these firms are run by certified financial planners.  I want to get both firms recommendations on what I should do with the retirement funds before I make any decisions long term.  

It appears as if the IRA rollovers are done directly between Fidelity and my bank acting as the two trustees and the money never flows through my hands then you can rollover as often as you wish as long as you do not touch the funds yourself and the transfer is direct between the two trustees involved.

Fidelity did finally correct the accounts by reversing the transfers from my husband's SEP's to my IRA and putting the funds back into 3 separate accounts however it took them 3 weeks to do it.  I am so angry at them for this screw up that I just cannot stand the thought of them continuing to have those funds even for another day.  In addition to the retirement account I also have some regular investment accounts with them that I am also going to close out and move.


 It is not wise to do anything with your money right now. You should wait one year. There are always buy in fees, and exit charges.

Honored Contributor
Posts: 9,713
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?


@Nuttmeg wrote:

 


 It is not wise to do anything with your money right now. You should wait one year. There are always buy in fees, and exit charges.


There were no charges or fees for me to roll over into an Inherited IRA.

Esteemed Contributor
Posts: 5,419
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?


@Mj12 wrote:

@Nuttmeg wrote:

 


 It is not wise to do anything with your money right now. You should wait one year. There are always buy in fees, and exit charges.


There were no charges or fees for me to roll over into an Inherited IRA.


If I moved my investment account to a new company, I will have to pay something.

Contributor
Posts: 20
Registered: ‎03-10-2010

Re: Rolling over a IRA multiple times?

You would be transferring it not rolling it over. You can do this as much as you like, but watch out for transfer fees.

 

 

Esteemed Contributor
Posts: 5,660
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?


@Still Raining wrote:

When you assume a SEP by death, it is to be placed in a IRA in your name.  They did right.  You are welcome to alter your investments, but if you do not wish to withdraw, it must remain in "your" IRA.


Yes, you are correct.  My husband's SEP's had to be set up as a IRA in my name.  However, I instructed them to change the ownership of the existing two accounts to my name.  No where did I instruct them to take all the funds from those accounts and put the money in the existing IRA that already existed in my name.  For various reasons I need to maintain each account separately with separate funds in all 3.  They were completely wrong to just assume that I wanted the money withdrawn from his SEP's and put into the existing account that I have.  I gave them my home phone, cell phone and e mail for them to contact me with any questions.  No one ever attempted to contact me to ask any questions or get any clarification.   They have apologized profusely for taking the action they took without contacting me first.  They had to reverse all the transactions they took and reinstate the funds in each account back to the balances they were prior to their screw up.  Then I had to sign paperwork to open two new account numbers as IRA's under my name and then they had to transfer each balance in each account to the two new numbers.

Honored Contributor
Posts: 10,378
Registered: ‎03-09-2010

Re: Rolling over a IRA multiple times?


@Nuttmeg wrote:

A SEP and an IRA are the same thing.

 https://www.irs.gov/Retirement-Plans/Retirement-Plans-FAQs-regarding-SEPs

Please do not change something that is working.


 

 

A SEP is a type of IRA.