I recently left a job where I had a 403b retirement account. Where should I rollover what I have? What difference is there between a rollover IRA or a traditional/roth IRA?
Review the PF Wiki, section on Rollovers, which will go through how to think about answering your question and other questions that you may not have realized you should be asking.
Why do you want to roll it somewhere? Unless it’s very small, you’re allowed to leave it.
TyrconnellFL on
Do you have a new job, and does the new job have a 403b or 401k? The simplest and cleanest thing to do is roll from the old one into a new one.
A rollover IRA is fine as long as you don’t and will never need to do the backdoor Roth IRA process.
Converting your 403b to a Roth IRA is another step and involves paying income tax. If you don’t have a job this year, that may be ideal. If you do, it’s generally best to avoid taxes now.
Whatever you do, a small 403b balance makes it a lower stake decision.
3 Comments
Rollover IRA = Traditional IRA.
—
Review the PF Wiki, section on Rollovers, which will go through how to think about answering your question and other questions that you may not have realized you should be asking.
* https://www.reddit.com/r/personalfinance/wiki/retirementaccounts/rollovers
Why do you want to roll it somewhere? Unless it’s very small, you’re allowed to leave it.
Do you have a new job, and does the new job have a 403b or 401k? The simplest and cleanest thing to do is roll from the old one into a new one.
A rollover IRA is fine as long as you don’t and will never need to do the backdoor Roth IRA process.
Converting your 403b to a Roth IRA is another step and involves paying income tax. If you don’t have a job this year, that may be ideal. If you do, it’s generally best to avoid taxes now.
Whatever you do, a small 403b balance makes it a lower stake decision.