To make it easier to manage your retirement savings, consider transferring your IRAs from other institutions into one consolidated IRA account. Here's how it's done:
Step 1 – Choose an IRA
- Based on the type of account you have at your other institution, decide which IRA you need to open: Traditional or Roth IRA, or both.
- Once you decide which IRA is right for you, determine how you would like to work with Wells Fargo based on your preferred investing style (for example: Do you prefer to invest on your own or with the help and guidance of an investment professional?)
- If you need assistance selecting an IRA, or determining how you would like to manage your savings, please call us at 1-877-493-4727.
Step 2 — Transfer funds from another institution to your new IRA
There are two ways to transfer your funds:
- Trustee-to-Trustee Transfer — In many cases, you can transfer IRA assets directly into your new account.
- Moving assets from one financial institution to another without liquidating (selling) the assets is called a "transfer-in-kind." In most cases, your existing investments (for example, stocks, mutual funds, and Exchange-Traded Funds (ETFs)) can be transferred-in-kind to your new account.
- In some instances, your assets 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.
- Rollover — Have a check made out directly to you.
- You will have 60 days to deposit the check into your new IRA to avoid taxes and penalties.
- Keep in mind that this transaction is reported to the IRS and is only allowed once per year (any 12 month period) for your combined Traditional, Roth, SEP and SIMPLE IRAs. The 12 month period begins the day you receive the IRA distribution.
Details about how and where to transfer your funds are provided when you first select your investing style (in Step 1).
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. Depending on the investing style you selected in Step 1, you can either:
- 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