Ask Terry Questions retirement account from former employer that has gone out of business.

retirement account from former employer that has gone out of business.

By Terry Savage on January 06, 2021 | Investments

I have a t. rowe price retirement 2025 fund from former employer. I would like to know what I should do with this account? also can I save on 2020 taxes by moving this account. I am 59 years old and don’t really understand these accounts.

Terry Says

Contact T. Rowe Price. 800-638-5660. I assume that it has been “rolled over” from your employer’s old 40l(k) plan. If it has not, ask them to do the DIRECT ROLLOVER to a Rollover IRA. You can keep the same fund. But now it will be under your control. And if you are still working you can add to it every year.

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