Rollover for PERA

[sdc2027]

Non-wage earner that is not married but wants to move old PERA account into something other than a bank CD.
Does one have to be a wage earner to invest in IRA's? What are the options available?
Thanks for your info.

[dczech09]

Since you are a non-wage earner, your options are very limited until you obtain an earned income. IRAs and other qualified plans are only available to those who have an earned income; an "earned" income means that have filed a tax form with the IRS to inform them of your earned income.

Interest from investments, alimony, child support, etc are not earned incomes. The only monies that qualify are those shown on a W-2 or 1099 "non-employee compensation" forms.

If you want to get out of a PERA, I would like at maybe some sort of taxable brokerage account. You will have to pay taxes on the gains, but thats really your only option. A large shift is going on in the brokerage world and a lot of big names such as Fidelity and TD Ameritrade offer accounts which can be used to trade certain ETFs for $0 commissions. That is a very sweet deal; something I hope to take advantage of in the future once I pay off my debts and everything.

[jpg7n16]

You don't have to have earned income to convert into an IRA.

You do have to have earned income to contribute more money to an IRA.


So I'd speak with someone at your old HR about converting from your retirement plan into an IRA.

[sdc2027]

Thanks for your information.