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What are the eligibility requirements for a self-directed IRA?
Question : What are the eligibility requirements for a self-directed IRA?
Can an 80-yr-old woman roll over her money from a 3% fixed annuity into a self-directed IRA?
self directed ira
Best answer:
Answer by nickipettis
i would call a local bank and ask.
also ask if there are any penalties for doing this.
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#2 written by wooper 1 year ago
Should be able to. She may have to pay a penalty to remove money from the annuity to the annuity company. If she rolls it directly into a Traditional IRA there should be no tax consequences. When she turned 70 1/2 she was required to begin taking required minimum distributions from her other IRAs, so this would become part of that as well.
Look into something like a conservative index bond fund from a company like Vanguard where the fees and other costs are low. Make sure she rolls it over directly to the IRA to avoid potential taxes and penalties.
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The only thing you need is a brokerage who can make the account and the minimum amount of money.