Can I transfer an IRA from one firm to another?[ Edited ]
I have an established traditional IRA. I created it a number of years ago when I rolled a 401K over into it. I want to know if I can re-rollover this existing IRA into a new one administered by a different financial vendor. I will be 70+ this calendar year.
In short – yes, you can.
And, as long as you have the money transferred directly from your current IRA custodian (or trustee) to your new IRA custodian – meaning you don’t receive the money first and then redeposit it into the new account – what you’re actually contemplating is known as an IRA transfer rather than an IRA rollover. Though probably not a big deal in your case, the potential significance of this difference is that if you actually do a rollover rather than a transfer, you generally can’t do another one involving the same IRA money until a year has passed. Again though, this doesn’t sound like an issue in your case.
Finally, though you’ll have to begin taking Required Minimum Distributions once you turn age 70 ½, your age is not a consideration for making IRA transfers.
If you’d like more information on moving IRAs, I encourage you to check out IRS Publication 590 in Chapter 1 under the heading, “Can You Move Retirement Plan Assets?”
Thanks so much for your question. I hope this helps and I wish you all the best!