How to Convert a Simple IRA

Step-by-Step Guide

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   Step 1: Research and choose another administrator's plan carefully.

   Look at the bank's security or the brokerage's reputation or the program's diversification. ,,, Seek plans, funds, and options that may manage your funds more aggressively or conservatively to fit your risk profile and needs.
   
   The new administrator will take care of the administrative conversion, but they will also advise you how to sign the forms and answer the questions that may come from the current plan administrator. ,
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   Step 2: Contact the new plan administrator

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   Step 3: and tell them that you want to convert your Simple IRA.

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   Step 4: Follow their directions carefully.

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   Step 5: Ask the new plan administrator to test your risk tolerance.

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   Step 6: Receive the check - made out to your name and account number at the new plan administrator - from the current plan administrator.

Detailed Guide

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