Moving a Retirement Account
When leaving a job, you have three options for your retirement account: leave the money in your old plan, cash it out, or roll it over into a new retirement account.
Rollover is often the best choice as it consolidates your retirement funds and provides more investment options.
How Rollover IRA Works
An Individual Retirement Account (IRA) is a tax-advantaged account offering various investment opportunities, including stocks, bonds, mutual funds, CDs, and ETFs.
The 2025 contribution limit for a traditional IRA is $7,000 for people under 50 and $8,000 for those 50 or older.
IRA contributions may be tax-deductible, depending on income, filing status, and whether you have a workplace retirement plan.
You can open an IRA at most big brokerages, with varying minimum deposit and balance requirements.
For example, there is no account minimum for active investing through Schwab One® Brokerage Account.
No account minimum for active investing through Schwab One® Brokerage Account.
Author's summary: Rollover IRA consolidates retirement funds and offers investment options.
- Contribution limit: $7,000 for people under 50, $8,000 for those 50 or older
- IRA contributions may be tax-deductible
- No account minimum for active investing through Schwab One® Brokerage Account
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