Ask Terry Questions Rollover IRA money

Rollover IRA money

By Terry Savage on March 13, 2015 | Financial Planning / Retirement

My bank had rollover over my old 401k into a Qualified Variable Annuity over 10 years ago. Is there any way I can rollout money from this annuity into a Retail Mutual Fund IRA I have with Vanguard. I’m 56 years old and was trying to avoid the annuity high fee’s . tks

Terry Says:  If you are past the “surrender” period, you can do a direct rollover of this “qualified” money (which means it was previously from a retirement type account).  Contact Vanguard, ask for their “rollover services” and have the policy information handy.  They will handle all the work for a direct rollover — and you should not touch the money at all, should not receive a check to avoid tax consequences.

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