Rollover IRA in Midland, TX.

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Learn How to Move Your Old 401(K) Into a Rollover IRA

When it comes to growing your money over the long-term, studies have shown that tax advantage is one of the biggest benefits you could have in growing your money. Tax advantage is a main reason Individual Retirement Accounts (IRAs) and 401(k)s are so popular when it comes to saving for retirement.

One of the most important and misunderstood aspects of owning an IRA or 401(k) is how you should approach taking income or withdrawals from those accounts. If you don’t know the rules, you can end up paying more in taxes than you have to.

Roll Over a 401(k) to IRA – Tax Consequences

When it comes to taxation, there are basically three different types of investments: 1) regular taxable investments; 2) tax-free investments, like Roth IRAs; and 3) tax-deferred investments, like traditional IRAs and 401(k)s, which are taxable when you decide to withdraw your funds.

Taking advantage of the tax benefits that IRAs and 401(k)s provide can help to boost the amount of income your investments can generate in retirement. However, since tax codes are constantly changing, you must make sure to keep up with the changes.

Through our tax minimization strategies, Carter Financial Group can advise you on some of the best ways to withdraw funds from your qualified retirement accounts so you can help maximize the tax advantages offered by each one. In other words, we’ll keep up with the changing tax codes, so you don’t have to.

IRA Rollovers in Midland, Texas

One of the services we offer that can help you maximize the tax advantage includes rolling over a 401(k) to an IRA. Doing so can not only provide you with access to more investment options, but it can also help to lower the fees you pay.

IRA Rollover to Roth IRA – Tax Implications

Converting a 401(k) to a Roth IRA is another way that may provide certain tax benefits. For example, you could convert some funds that are in a qualified retirement account, like a 401(k), into a Roth IRA ahead of retirement. Although you’ll still owe taxes on the amount you convert, you won’t have to pay taxes on withdrawals you make later on in retirement.

Give our office a call to schedule a complimentary consultation with one of our advisors so we answer any IRA or 401(k) questions you might have, such as:

  • What is the cost to roll over a 401(k) to a Roth IRA?
  • What is the best time to convert a 401(k) to a Roth IRA?
  • Can I transfer my 401(k) to an IRA while still employed?

Schedule A Complimentary Consultation

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Carter Financial Group is a full-service financial firm dedicated to helping those in the Texas area meet their long-term financial goals. Our team of financial advisors and wealth managers are experienced in helping clients preserve their savings, so they can use it as a source of steady income in retirement.

All written content on this site is for informational purposes only. Opinions expressed herein are solely those of Carter Financial Group and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. Investing involves risk. There is always the potential of losing money when you invest in securities. Asset allocation, diversification and rebalancing do not ensure a profit or help protect against loss in declining markets. All information and ideas should be discussed in detail with your individual advisor prior to implementation. The presence of this website, and the material contained within, shall in no way be construed or interpreted as a solicitation or recommendation for the purchase or sale of any security or investment strategy. In addition, the presence of this website should not be interpreted as a solicitation for Investment Advisory Services to any residents of states where otherwise legally permitted to conduct business. Fee-based financial planning and Investment Advisory Services are offered by Sound Income Strategies, LLC, an SEC Registered Investment Advisory firm. Carter Financial Group and Sound Income Strategies LLC are not associated entities. Carter Financial Group is a franchisee of Retirement Income Source. Retirement Income Source and Sound Income Strategies LLC are associated entities. © 2023 Sound Income Strategies A franchise of Retirement Income Source
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Learn More About Mandee

In preparation for her continuing the family business and taking over full time once Dee retires, Mandee Carter, the Vice President and Associate Advisor of the Carter Financial Group, has been working alongside her father running the day-to-day business and learning the ropes, so to speak, since 2017.

Mandee received her BS in Psychology in 2016 and started her career in the Financial Industry in 2010 when she started helping in the office. After acquiring her degree, she came on full-time in March 2017 as Dee’s business partner and Main Associate Advisor helping clients navigate the intricacies of investing for retirement and overall successful financial planning.

In 2021, she was named an Elite Producer with American Equity amongst other accolades.

In Mandee’s spare time, she likes to go to the gym, spend time with her boyfriend, friends and family. She is an animal lover and rescuer. She has 2 German Shepherds that she rescued from the shelter 6 years ago. She still enjoys almost all things Psychology related and is constantly researching something. She enjoys meeting new client prospects and likes speaking with her current clients. She loves helping people.

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Schedule a complimentary 15-minute call with one of our advisors.

You can also call us directly at (432) 685-1372