Although it's true that many Americans are woefully unprepared for retirement, even those who have been saving diligently sometimes have trouble keeping track of their retirement accounts.
Some of the most common questions, according to the financial planning experts we've interviewed, have to do with the IRS's IRA rollover rules - in other words, restrictions on how you can move different retirement funds into one consolidated fund.
And although many rollovers are very straightforward - when you move from one job to another, for instance - others can be very tricky. And there really are no guidelines as to degree of difficulty when it comes to the IRS' IRA rollover rules.
For example, Even though it's easy to roll over an IRA you inherit from a spouse, it's far trickier to make the same kind of transfer with an IRA you inherit from a parent.
The IRS's IRA rollover rules are strict. The money must be paid straight from your traditional or Roth IRA, and the money must go to a qualified charity.
But the advantages can be tremendous. Aside from the non-financial benefits - what's more rewarding than supporting a cause or an institution you're passionate about? - there are practical ones, too: In retirement, people with traditional IRAs are required to take distributions each year, once they pass age 70. And qualified charitable distributions can satisfy that required minimum distribution.
With Such Options Available, it's Important to Keep Your Retirement Planning Flexible.
And Ally Bank has IRA products that can help you meet your retirement needs with just the kind of flexibility that smart retirement planning requires.
For example, with the IRA Raise Your Rate CD, you get an interest rate that is among the most competitive in the country. And, if you notice that the current interest rate on our IRA Raise Your Rate 2-Year or 4-Year CDs goes up, you have the option to request a rate increase — one time with the 2-year IRA Raise Your Rate CD and twice with the 4-year version.
Learn more about all the Ally Bank IRA choices, IRS IRA rollover rules and more at AllyBank.com or call one of our customer care associates at 877-247-ALLY (2559), where live help is available 24/7.