Non active SIMPLE IRA
I have a SIMPLE IRA account.
I am 58 years old.
I have owned the SIMPLE IRA for more than 2 years.
I no longer make contributions to this SIMPLE IRA and do not plan on making any additional contributions to this SIMPLE IRA.
Is there any reason I shouldn’t roll this SIMPLE IRA account into my existing Rollover TIRA?
I just want to simplify my life a little and go from 2 accounts to 1 account.
Thanks in advance for your help with this.
Permalink Submitted by [email protected] on Thu, 2019-04-18 17:42
You can transfer the balance to your rollover IRA, but don’t close the SIMPLE IRA if you are still working for the employer and 2% non elective contributions are being made. If you live in a state that does not fully protect IRAs from creditors and applies the federal BK Act provisions, note that a SIMPLE or SEP IRA typically receives unlimited creditor protection in bankruptcy, same as your rollover IRA so combining would not reduce your protection.
Permalink Submitted by rwright on Fri, 2019-04-19 12:52
Thanks Alan.