Make sure you know where you intend on moving your money in advance!
As you probably know, an individual retirement account requires that you decide where your money is going to be invested in order to work with the retirement account. Essentially this is called a "custodian" for your investments. You should generally chose a safe custodian - some of the most common ones are mutual funds, savings accounts, and bonds. While you should definitely be careful as to which custodian you choose for your retirement account, don't worry! You are not stuck with the same investment until you retire.
However, unlike a normal investment, you should keep in mind that you are only allowed to transfer or "roll over" your retirement account once a year. Also, there are some very specific rules that you need to follow. It is generally a good idea to find out how to transfer a retirement account before you even begin to invest in one. That way if you ever need to do a roll over in the future, you'll be ready.
First of all, you should probably have a good idea of where you want to invest the money before you start the rollover process. The reason for this is that after you take the money out of your original IRA custodian, you'll only have 60 days to put it into the new custodian fund. If you take too long, then you will be subject to a large penalty tax - and penalties are definitely not worth the few extra days that you take!
Something to keep in mind is that if you do a roll over, you will need to report that at the end of the year. Just like anything else that is involved with your finances, you should make sure that you keep track of which custodians go with your individual retirement accounts and how much money is in each account.
If you are going to do a smaller transfer from one existing IRA to another, then it is possible that you won't even have to report your transfer. These transfers are also tax-free. This is a good idea if you do not want to change all of your money from one custodian to another, but you think that it would be a good idea to change how much money you have in each IRA.
Participate in paid surveys and earn secondary or primary income with minimal effort and without leaving your house. It's amazing how much money you can make and also the prizes you can win by filling out simple surveys. Of course when something is too good to be true there is a risk. We have been doing research on Internet fraud for three years and found out there are a lot of scam survey and work at home providers. A lot of survey websites offer people a database with a fee for paid surveys which turns out to be scam surveys. Also, survey sites offer free access to their survey database but require you to register with their site. Again, this is a scam. They keep your information and sell it to third party companies.
Why should you take online surveys?:
- Influence the development of new products and services
- Make money....Easily be paid from $1 to $100 for 20 minutes of your time
- Work from the comfort of your home
- It's free to join, No cost what so ever
- It's are fun and interesting...you learn a lot about current product and product in the near future
- It's Easy....all you need is a computer
- Earn great rewards and prizes...some survey companies send product to keep and only ask for feedback
- You make a difference by expressing your opinion
Sample Questions: (95% are multiple choice questions)
- What cereal do you prefer? A) Raisin Brand B) Frosted Flakes C) Chex
- Have you heard of the Tom-Tom Navigation System? A) Yes B) No
- What vacation destination would your prefer? A) Beach B) Mountains C) City
- What airline do you prefer? A) Delta B) American Airlines C) Air Tran
- Look for panels approved by the Better Business Bureau (BBB) and that have privacy policies reviewed by eTRUST or features the WebTrust for Online Privacy Seal of Assurance.
- Beware of "survey websites" asking you to receive information for special offers and other survey panels during registration - these websites may sell your name and information to other companies that will send you spam.
- Always set up a separate e-mail account exclusively for survey invitations. This will make it easier for you to see how many surveys you have received, and will avoid spam being sent to your personal e-mail address, should you make a mistake and register with an unreputable surveys website.
- Beware of "survey websites" that ask for overtly personal information such as your bank account information, credit card numbers, full names of family members, etc. A real online market research company would never ask you to provide this type of information.
- Be cautious of "get rich quick" websites. You cannot get rich taking online surveys. However, you can make a decent amount of cash on the side participating in surveys.
- Legitimate online survey e-mail invitations will provide information on the type of study being conducted, the survey length, and the incentive for completion. Do not respond or click on e-mail "survey invitations" that feature ads to win products, cash, etc. These e-mails are not coming from legitimate market research companies!
- Some research companies will ask you to download software after registration. This software usually tracks your web browsing habits and the information is then sent to marketers. It is ok to download this software if you can verify a legitimate market research firm is running the site - do your homework to make sure that this is indeed the case.
- Look for mentions of marketing association memberships on survey panel websites. Reputable associations include CASRO (Council of American Survey Research Organizations) and the AAPOR (American Association for Public Opinion Research).
- Your opinion counts! Marketers truly are interested in what you think, enough to reward you with cash and prizes just for sharing your thoughts. Stay cautious when registering with online survey panels, but when you've found a reputable panel - have fun and reap the rewards of being a panelist!