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 people have involve 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 straightforward—when you move from one job to another, for instance—others can be tricky. For example, even though it's easy to roll over an IRA you inherit from a spouse, it's a little more complicated to make the same kind of transfer with an IRA you inherit from a parent.

The rules for rolling over IRA funds into a charity are strict, too. 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 of supporting a cause 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 1/2. Qualified charitable distributions can satisfy that required minimum distribution. Be sure to consult with a tax professional and visit the IRS website to be sure you have current information for your situation.

Managing IRA rollovers is easier with flexible retirement products. Ally Bank has IRA products that can help you meet your goals with just the kind of flexibility that smart retirement planning requires. For example, with the IRA Raise Your Rate CD, you have the option of a one-time rate increase if our 2-Year CD rate goes up; you have the option to increase your rate twice (two times) if our 4-Year CD rate goes up.

Learn more at Allybank.com or call live, 24/7 customer care at 877-247-ALLY (2559).

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