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This is a U.S. question. I have a 403B account that can be

This is a U.S. question...
This is a U.S. question. I have a 403B account that can be turned into life-annuity or what I consider cash-out - that is, a fixed-term annuity over roughly 10 years. Specifically, it's 10 payments over 9 years which I understand gets them under the limit and permits rolling pay-outs into an IRA. I have actually done this with one 403B cash-out, so that the annual payments are being rolled directly into a pre-existing IRA. This seems to be completely OK and I've run into no issues in doing this. My question is if I take another one of these 403B accounts to cash out -- If some of these rollovers occur after I reach the age when required minimum distribution must be taken from my IRA -- is this still OK? It's clearly not a deposit into the IRA in the usual sense, but I haven't run across wording anywhere that addresses this particular case.
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Answered in 10 minutes by:
9/19/2017
Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 751
Experience: Managing Director
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Hello my name is ***** ***** I will be able to assist you today.

Once you reach age 70 1/2 you may no longer make regular contributes to a traditional IRA, but you may continue to make rollover contributions.

Below is an excerpt from the IRS web site, which I also linked below.

https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-ira-contribution-limits

"IRA contributions after age 70½

You can’t make regular contributions to a traditional IRA in the year you reach 70½ and older. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age."

If you have any further questions please let me know.

At the conclusion of your questions please accept and rate my answer by clicking on three stars or more.

A positive 5 star rating is always appreciated.

Thank you!

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Customer reply replied 2 months ago
Thank you. I'll follow the link later, but on the face of it this is extremely helpful.

Essentially, you can rollover funds from the 403b to a traditional IRA, but you can't make new contributions

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Customer reply replied 2 months ago
This website is insanely confusing, but I'm happy for your answer. If I have more questions I will certainly request you again

I placed the link in the chat for your refernce

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I do hear that often. Please let me know if I can assist you any further

Have a great evening.

Chad CFP ®
Chad CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Finance
Satisfied Customers: 751
Experience: Managing Director
Verified
Chad CFP ® and 87 other Finance Specialists are ready to help you
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Customer reply replied 2 months ago
Thanks. I'd just like to end at this point - you've answered my question. Can we say over and out and then it tells me I'm supposed to rate you somewhere which I'm happy to do - positively. Not so sure about the website though - it feels like a giant hussle.
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Chad CFP ®
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