CREATING A ROTH ACCOUNT
I HAVE JUST RECENTLY FINISHED ONE OF YOUR BOOKS ON IRA’S ACCOUNT FOR INDIVIDUALS IN THEIR 20S AND 30S. WITHIN ONE OF THOSE CHAPTERS YOU SPEAK ABOUT BEING ABLE TO CREATE YOU OWN COMPANY AND CREATING A ROTH RETIREMENT ACCOUNT. I WAS HOPING TO OBTAIN MORE INFORMATION ON THIS SINCE MY CURRENT COMPANY WILL BE BOUGHT OUT AND MY CURRENT 457 VALIC ACCOUNT WILL BE STOPPED AND I WILL NEED TO ROLL THE FUNDS INTO ANOTHER RETIREMENT ACCOUNT.
Permalink Submitted by Alan - IRA critic on Mon, 2013-03-11 23:37
Let’s start with your former company. Was it a govt employer? Only a govt 457b can be rolled over to an IRA account, either to a Roth IRA (taxable) or to a traditional IRA (not taxable). You might also have designated Roth contributions in your 457b along with pre tax contributions, and if so the Roth part must go to a Roth IRA. This has nothing to do with creating your own company, which is not a requirement.