simple ira rollover
I am currently 58 years old and employed with a company that has a simple ira retirement plan. I have been in this plan for more then 10 years. The investment choices are limited and I want to move it.
Can I roll it over to an IRA even though I am still employed with that company and under the age of 59.5?
Will there be any government taxes or penalties?
Does my employer have any control over this?
Permalink Submitted by Alan - IRA critic on Sun, 2016-12-11 20:43
Once the 2 year waiting period has been completed, you are free to roll your SIMPLE IRA balance to a traditional IRA or qualified employer plan. There is no tax or penalty. You should do this by a direct trustee transfer although you can also use a 60 day rollover as long as you have not used up the one such rollover in a 12 month period. Your employer cannot block the transfer or rollover. After this is done you can periodically roll out future balances from the SIMPLE IRA as well.