Solutions 4 Financial Independence: 08/29/17

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BRIDGEPORT, W.Va (WDTV)- Question: I recently heard I cannot make a change in my IRA more than once per year. Do you have an answer to this?

Answer (John Halterman, Beacon Wealth Management): "Likely what you heard was you can only do an IRA rollover only once a year. The advantage of an IRA is that you do have flexibility to where you can change anything you want, anytime you want. So if you want to change your investments, you're more than welcome to change your investments. If you want to change your beneficiary, you're welcome to change it. If you even want to do what we call an IRA to IRA transfer, or trustee to trustee transfer, you can do that.
The one thing you can't do more than once, is what we call an IRA rollover. Let me explain that, if you have an IRA account and you want to roll it over to another account and the trustee sends you the money. That check is payable to you. You have 60 days from the day that you get the check to put it into another IRA before it becomes taxable. So as long as you go from one IRA to another, and you get the check, that's called IRA rollover and that rollover is the one thing that's only allowed once per year. So don't worry your IRA is flexible and you can do all the things you want."