To transfer an IRA, an individual needs to combine his assets into a single account, see if transferring assets in kind is an option, complete all necessary paperwork and make sure the funds arrive in the new account, according to Demand Media. Besides transferring, an individual can rollover his IRA.Continue Reading
By combing assets into one account, an individual can avoid fees and make it easier to keep track of a single IRA statement, notes Demand Media. A person with IRA money divided in several mutual funds can benefit from only using only one fund family if he'd rather not or is unable to combine his assets. The benefit of only using one fund is the account holder might not have to pay as much in fees, which is known as breakpoints.
By transferring IRA assets in kind, an individual can shift his funds from one IRA to another without having to sell his assets, according to Demand Media. Transferring in kind is often easier with brokerage companies than it is with a bank, mutual fund company or insurance company.
An individual should be sure he has the most current statement from his old IRA before transferring any funds to ensure a smooth transition, states Demand Media. All new paperwork should be fully read and understood before being signed.Learn more about Financial Planning