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.



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.



Thanks Alan.



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