Questions on iras
I have three ira accounts with various amounts in them, none have made much interest. I do want to combine them into one account to keep easier track of them. Two questions, are you limited to how many ira s you move per calendar year? Number two, what do you think of moving the accounts into a bank that’s paying 5% apy for a year? Also are there any books on inheriting ira s that you suggest reading? Many thanks for any comments you could give.
Terry Says
You can move EACH IRA once a year. So if you want to consolidate all your IRAs into one new one, that’s fine. It’s easier to do a direct rollover. That way you won’t run into a problem of getting a 1099 for a withdrawal, and the complicated tax situation that creates.
So open your new account. But what bank is offering 5% on IRA CDs? And how long must you tie up your money. If you reach age 73 and have to take required minimum withdrawals a long-term CD could provide a problem (though they are supposed to be breached without penalty for a RMD). Consider that before you make the move.
