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How to Combine Retirement Accounts

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From Quick Guide: All About Pension Plans

Summary: It is possible to combine IRA accounts and pension plans with a few simple steps. Combine retirement accounts when possible, and make good financial decisions with tips and advice from an experienced financial adviser in this free video.

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By Patrick Munro
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Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more

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Video Transcript

"This is Financial Adviser Patrick Munro asking the question, "Can SEP IRA's be combined with traditional IRA's"? The answer lies in the definition of these items. SEP stands for a Simplified Employee Pension Plan, and this is only for individuals that are self employed. They set up a SEP plan which normally has higher guidelines for contributions than a traditional IRA, and you can never basically combine the two. Traditional IRA's are for people that are coming from the workforce, salaried employees and things of that nature, that's why they're called "traditional IRA's". And Simplified Employee Pension Plans are for the entrepreneurial world. So as a result the two are distinctly different, and like most instruments that are out there in the world of qualified plans, they have to remain distinct and separate and indeed cannot be combined. This is Patrick Munro, Financial Adviser, answering the question "Can SEP IRA's be combined with traditional IRA's"?"

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