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Originally Posted by Cheetahwoman7
As far as the IRA goes, I wonder if I can combine it with another $2,000 that I have in a small retirement account I had when I wasn't working as a teacher. It's been sold off a number of times as well. Anyone know how that works? If you can combine a employee retirement account that's not active with an IRA?
Thanks,
CJ  |
Yes, you could roll over the employee retirement account into a traditonal ira at another company. This a tax free rollover. You fill out paperwork with the company you want to move the money to. They will contact the employer account and request the money sent to them for your account.
Some people advise against combining 401k money into a traditional ira, because it keeps you from moving the 401k money into another company 401k. If you want to roll it into another 401k at some point. Just set up a separate rollover ira account. Call the mutual fund company for more information specific to your situation for clarification.