A rollover IRA is a retirement account specifically designed to receive transfers from a previous employer-sponsored retirement plan such as a 401(k) or 403(b). Rolling over retirement plan funds provides several benefits, including:
- You can consolidate your retirement accounts for simplified management and greater control
- You get a wider variety of investment choices, enabling you to find investments that best fit your financial goals and personal preferences
- You maintain the tax-deferred status of your retirement savings while allowing your funds the opportunity to grow