Wednesday, March 18, 2015
- Consider rolling over "aftertax money" from an account into a Roth IRA and "pretax money" into a traditional IRA.
- Pay off any outstanding loans of the employer plan before rolling funds into another plan.
- Remove an insurance policy from the plan if one exist.
- If the plan requires spousal consent prior to the roll over, get it.
- Decide whether going with a direct rollover or a 60-day rollover will be more beneficial.
See Natalie Choate, A Checklist for IRA Rollovers, Morning Star Advisor, March 13, 2015.
Special thanks to Jim Hillhouse for bringing this article to my attention.