401k question
Individual is 701/2 and still working part time, so no withdrawals are required. If there are other IRA’s in mutual fund, bank CD’s or a 403b can these be combined into the 401k. In doing so can the withdrawals be postponed until he decides to stop working.
Is this possible?
I forgot to mention he has an existing 401k program
Permalink Submitted by Alan - IRA critic on Fri, 2015-06-19 15:50
If his current plan will accept rollovers from these other plans, the balances can be rolled into the current plan and RMDs deferred until retirement. However, the current year RMDs from the other plans must be completed before doing these rollovers. Finally, individial should check with the current plan administrator to verify the amount of hours that are needed to be considered still working under the plan provisions.