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My friend wants to consolidate his various retirement account accumulated over the past 20-30 years to make it easier to manage/track his retirement savings. He doesn't recall immediately all the accounts he currently has (one of the reasons to rollover), but we've determined he has at least the following types of accounts: 401(a), 401(k), 403(b), 457(b), and "something from the city". He's trying to track down all the relevant paperwork for all of the accounts, but we'd like to know what kind of limits he might have to watch out for.

  • Are there any restrictions on the types of the accounts that can be rolled over?
  • Is there a limit to the number of accounts that can be rolled into a single IRA (whether all at once or over the lifetime of the IRA)?
  • Is there a limit to the number of times accounts can be rolled over (can/should he do 1 or 2 at a time as he gets the paperwork in order, or wait until he has everything sorted out)? Is this a yearly limit or lifetime?
  • Is there a dollar limit on the amount that can be rolled over?
  • Is there a limit to the age of accounts that can be rolled over?

As far as we know, all of the accounts are pre-tax/non-Roth accounts, and that Roth vs. traditional accounts should be rolled over to separate (Roth vs. traditional) IRAs.

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Are there any restrictions on the types of the accounts that can be rolled over?

Yes only qualified accounts can be put into a rollover.

Is there a limit to the number of accounts that can be rolled into a single IRA (whether all at once or over the lifetime of the IRA)?

No.

Is there a limit to the number of times accounts can be rolled over (can/should he do 1 or 2 at a time as he gets the paperwork in order, or wait until he has everything sorted out)? Is this a yearly limit or lifetime?

No.

Is there a dollar limit on the amount that can be rolled over?

No.

Is there a limit to the age of accounts that can be rolled over?

No.

I did this last year, and it is highly recommended to consolidate your accounts.

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