To make it easier to manage your retirement savings, consider transferring your IRAs from other institutions into one IRA. Here's how it's done:
Step 1 – Choose an IRA
Step 2 — Transfer funds from your old financial institution
There are two ways to transfer your funds:
- Moving investments from one financial institution to another without liquidating (selling) the investments is called a "transfer-in-kind." In most cases, your existing investments (for example, stocks or mutual funds), can be transferred-in-kind to your new account.
- In some cases, your investments may need to be liquidated before they can be transferred. A Wells Fargo retirement professional can help review your situation and assist in the account transfer process.
- There are no taxes, penalties, or IRS reporting for this method.
- You can make an unlimited number of trustee-to-trustee direct transfers per year.
- You will have 60 days to deposit the check into your new IRA to avoid taxes and penalties.
- Keep in mind that this 60-day rollover is reported to the IRS and is only allowed once every 365 days (any 12 month period). This limitation applies to you, the IRA owner, on an aggregate basis for all IRAs of any type that you own, for all of your Traditional, Roth, SEP and SIMPLE IRAs. The 365 day time limit begins the day you receive the IRA distribution.
Step 3 — Decide how to invest your funds
Once the funds are deposited into your new IRA, you can allocate (or reallocate) the funds within your account.
- Choose the investments that make the most sense for your unique goals and situation.
- Contact us for help creating an investment allocation tailored to your needs.
We are here to help you transfer your IRA. To get started, contact a Wells Fargo retirement professional today.
Call us 1-877-493-4727