IRA & 401(k) Retirement Accounts with Merrill (2024)

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Open an accountwith Merrill

Plan for the retirement you deserve

Merrill has the retirement solutions to help you achieve your goals.

Select toChoose your retirement account

Solutions for individuals tab selectedSolutions for business tab

Maximize your retirement savings with solutions for individual investors, entrepreneurs and sole proprietors

Good for individual investors

Rollover

By rolling over your existing retirement account, you can maintain your retirement plan's tax-deferred status while consolidating your assets. Consider all your choices and learn if a rollover may be right for you.Footnote1

Select toLearn more &bnsp;about Rollover IRAs

Traditional IRA

When you open a Traditional IRA account with Merrill, you may receive tax benefits and enjoy tax-deferred growth potential (contributions may be tax deductible).Footnote2

Select toLearn more &bnsp;about Traditional IRAs

Roth IRA

With a Merrill Roth IRA account, you can benefit from the potential to earn tax-free income and greater withdrawal flexibility in retirement.

Select toLearn more &bnsp;about Roth IRAs

Inherited IRA

If you've inherited retirement assets, you may be able to transfer them into an inherited Traditional IRA or inherited Roth IRA.

Select toLearn more &bnsp;about Inherited IRAs

Individual Health Savings Account (HSA)

Individuals with high-deductible health savings plans can enjoy the benefits of a tax-advantaged investing account while saving for many out-of-pocket medical expenses.

Select toLearn more &bnsp;about Individual Health Savings Accounts (opens in new tab)

Good for entrepreneurs and sole proprietors

Individual 401(k)

Reduce your taxes while having access to your money through loans with a plan designed for self-employed business owners and their spouses.

Select toLearn more &bnsp;about Individual 401(k)s

SEP IRA

A SEP IRA gives you the flexibility to contribute as your cash flow allows, with contribution limits higher than a traditional IRA.

Select toLearn more &bnsp;about SEP IRAs

Select toChoose your retirement account

IRA & 401(k) Retirement Accounts with Merrill (1)IRA & 401(k) Retirement Accounts with Merrill (2)

Which retirement account is right for you?

Compare the features of retirement accounts available at Merrill, find out which ones you're eligible for and learn about details like contribution limits and potential tax advantages.

Select toTry our Retirement Account selector tool

Enjoy all the benefits of having your IRA at Merrill

  • Determine your investor profile and manage your own retirement account or have it managed by Merrill
  • Enjoy straightforward pricing and affordable fully managed accounts
  • Manage your Merrill Investing and Bank of America banking accounts through a single, secure login
  • Maximize your rewards when you combine your investing and Bank of America deposit balances

IRA & 401(k) Retirement Accounts with Merrill (3)IRA & 401(k) Retirement Accounts with Merrill (4)

Ready to get started?

Select toChoose your retirement account

Call us

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Accounts tailored to your investing goals

Find account built to help you achieve what you're investing for.

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Frequently Asked Questions

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What is an IRA?

An Individual Retirement Account (IRA) provides a tax-deferred way for you to save for retirement. There are many different types of IRAs but Roth and Traditional IRAs are the most common.

How does an IRA work?

IRAs rely on long-term, tax-deferred compounding to provide your retirement savings the opportunity to grow. When you earn interest, receive a dividend or sell an investment (such as a mutual fund) for a gain, you don't pay taxes that year on the earnings. Instead, all taxes are deferred until you withdraw those earnings in retirement.

Why is an IRA important now?

In retirement you may need as much as 100% of your current after-tax income (take-home pay) minus any amount you are saving for retirement each year. This makes it all the more important to start saving sooner rather than later, and an IRA can help you get started.

What are the ways I can invest in an IRA?

You can choose from investment products such as mutual funds, stocks, bonds and ETFs, as well as bank products like CDs and money market savings.

What are the contribution deadlines and limits?

Contributions must be made prior to each year's tax return deadline for the corresponding year — typically April 15th. For each year during which you are age 50 or older, you can make an additional catch up contribution. Be aware of the potential penalties if you exceed your IRA contribution limits (PDF).

How do I convert to a Roth IRA?

A Roth IRA Conversion could help grow your retirement assets federal income tax-free. To help you convert to a Merrill Edge Roth IRA, call us at 888.637.3343 for one-on-one assistance and we'll guide you every step of the way.

What are my options for converting a 401(k) to an IRA?

You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circ*mstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan account from a prior employer to an employer sponsored plan at your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment (particularly with reference to employer stock), and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. Visit our Rollover IRA page or call Merrill at 888.637.3343 for more information about your choices.

How many IRAs can I have?

There's no limit to the number of individual retirement accounts (IRAs) you can own.

Find your ideal retirement solution, whether you're a business owner, a freelancer or a sole proprietor

Small Business 401(k)

Attract and retain talented employees by offering a low-cost, easy-to-manage 401(k) — designed for the needs of small businesses.

Select toLearn more &bnsp;about Small Business 401(k)s

Individual 401(k)

Reduce your taxes while having access to your money through loans with a plan designed for self-employed business owners and their spouses.

Select toLearn more &bnsp;about Individual 401(k)s

SEP IRA

A SEP IRA gives you the flexibility to contribute as your cash flow allows, with contribution limits higher than traditional IRA.

Select toLearn more &bnsp;about SEP IRAs

SIMPLE IRA

Have 100 or fewer employees? Enjoy easy administration while offering potential tax advantages for your businesses and employees.

Select toLearn more &bnsp;about SIMPLE IRAs

Retirement Cash Management Account (RCMA®)

A RCMA® offers a full range of investment choices for those who have an established profit sharing, 401(k), money purchase or defined benefit plan.

Select toLearn more &bnsp;about Retirement Cash Management Accounts

Select toChoose your retirement account

IRA & 401(k) Retirement Accounts with Merrill (5)IRA & 401(k) Retirement Accounts with Merrill (6)

Looking for more info on small business resources?

See more details about retirement plans for small business owners and self-employed people, plus see other resources available to you through Merrill and Bank of America.

Learn more about small business plans

Enjoy all the benefits of having your IRA at Merrill

Opening an IRA with Merrill gives you access to a number of features that can make saving for retirement even more rewarding.

IRA Features:

  • Find workplace retirement plans including SEP IRA, SIMPLE IRA or an online 401(k)
  • Save money with tax advantages
  • Fit your budget with competitive pricing
  • Get greater control with more personalized options
  • Accomplish more with available specialists
  • Focus on your business with an easy to manage retirement plan

Ready to get started?

Select toChoose your retirement account

Call us

Select to call888.637.3343

Accounts tailored to your investing goals

Find account built to help you achieve what you're investing for.

Select to learn more aboutIndividual RetirementSelect to learn more aboutGeneral InvestingSelect to learn more aboutEducation

Frequently Asked Questions

Expand all

What types of businesses can set up a Small Business 401(k)?

Corporations, partnerships and nonprofit organizations can establish Merrill Small Business 401(k) plans. If you're self-employed or a sole proprietor, you may want to consider an Individual 401(k).

Can I start a 401(k) if I'm self-employed without employees?

Yes, you can. An Individual 401(k) is designed for a business owner without W-2 employees and, if married, the owner's spouse. This applies to 1099 contractors and freelancers as well.

Who is eligible to participate in a SIMPLE IRA?

Any employee who received $5,000 or more in compensation in any 2 calendar years and is reasonably expected to earn $5,000 or more in the current year.

Why should I consider opening a SEP IRA instead of a Traditional IRA?

With a SEP IRA, your business and employees (including you) can benefit. Contributions you make to the individual accounts under your plan are generally tax deductible by your business. You also have the opportunity to contribute nearly 10 times more to a SEP IRA than a Traditional IRA.

Footnote

You have choices about what to do with your employer-sponsored retirement plan accounts. Depending on your financial circ*mstances, needs and goals, you may choose to roll over to an IRA or convert to a Roth IRA, roll over an employer-sponsored plan from your old job to your new employer, take a distribution, or leave the account where it is. Each choice may offer different investment options and services, fees and expenses, withdrawal options, required minimum distributions, tax treatment (particularly with reference to employer stock), and different types of protection from creditors and legal judgments. These are complex choices and should be considered with care. For more information visit our rollover page or call Merrill at 888.637.3343.

Footnote

The required beginning date for RMDs is age 73 You may defer your first RMD until April 1st in the year after you turn age 73, but then you'd be required to take two distributions in that year. Failure to take all or part of an RMD may result in up to a 25% additional tax applicable to the amount of the RMD not withdrawn. Consult your tax advisor for more information on your personal circ*mstances.

This material does not take into account a client's particular investment objectives, financial situations, or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select.

MAP6387951-02192025

Investing in securities involves risks, and there is always the potential of losing money when you invest in securities.

Asset allocation, diversification, and rebalancing do not ensure a profit or protect against loss in declining markets.

Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.

This material is not intended as a recommendation, offer or solicitation for the purchase or sale of any security or investment strategy. Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. Additional information is available in our Client Relationship Summary (PDF).

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member Securities Investor Protection (SIPC) popup and a wholly owned subsidiary of Bank of America Corporation ("BofA Corp").

Merrill Lynch Life Agency Inc. (MLLA) is a licensed insurance agency and wholly owned subsidiary of BofA Corp.

Banking products are provided by Bank of America, N.A. and affiliated banks, Members FDIC and wholly owned subsidiaries of Bank of America Corporation.

Investment products offered through MLPF&S and insurance and annuity products offered through MLLA:

Are Not FDIC InsuredAre Not Bank GuaranteedMay Lose Value
Are Not DepositsAre Not Insured by Any Federal Government AgencyAre Not a Condition to Any Banking Service or Activity

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© 2024 Bank of America Corporation. All rights reserved.

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IRA & 401(k) Retirement Accounts with Merrill (2024)

FAQs

Is Merrill Lynch good for IRAs? ›

Roth IRA. With a Merrill Roth IRA account, you can benefit from the potential to earn tax-free income and greater withdrawal flexibility in retirement.

Is 401k and IRA enough to retire? ›

Since a 401(k) may not be sufficient for your retirement, building in other provisions is essential such as making separate, regular contributions to a traditional or Roth IRA. It's always a good idea to have more options when you reach the "distribution" phase of your life.

How much money is needed to retire at age 60? ›

And by age 60, you should have six to 11 times your salary saved in order to be considered on track for retirement. For example, a 35-year-old earning $60,000 would be on track if she's saved about $60,000 to $90,000.

What is the 55 rule for Merrill Lynch 401k? ›

If, for instance, you leave your job during or after the year you turn 55, the rule of 55 generally allows you to tap your account under your employer's retirement plan, such as a 401(k), without owing the 10% early withdrawal tax.

Is your money safe with Merrill Lynch? ›

Any assets you hold in your Merrill Cash Management Account ® (CMA account) are protected by the Securities Investor Protection Corporation (SIPC). The SIPC provides up to $500,000 of account protection per client, inclusive of up to $250,000 for cash.

Can I withdraw money from my Merrill Lynch IRA? ›

Withdrawing from your IRA

Beginning at age 59½, you can withdraw money (of which any deductible contributions and investment earnings are taxable at your then-current income tax rate) from your IRA as desired without the 10% additional tax, whether or not you are still employed.

What is the average 401k balance for a 65 year old? ›

$232,710

Is $4000 a month enough to retire on? ›

The answer is yes, almost 1 in 3 retirees today are spending between $2,000 and $3,999 per month, implying that $4,000 is a good monthly income for a retiree.

What is the 5 year rule for 401k to IRA? ›

“If you open a Roth IRA for the first time in order to receive Roth 401(k) rollover funds, then you must wait five years to take a distribution penalty-free.” This rule wouldn't prevent you from withdrawing your original contributions after the rollover is complete.

How much Social Security will I get if I make $75,000 a year? ›

If you earn $75,000 per year, you can expect to receive $2,358 per month -- or about $28,300 annually -- from Social Security.

What is a good monthly retirement income? ›

Average Monthly Retirement Income

According to data from the BLS, average 2022 incomes after taxes were as follows for older households: 65-74 years: $63,187 per year or $5,266 per month. 75 and older: $47,928 per year or $3,994 per month.

How do I avoid 20% tax on my 401k withdrawal? ›

Deferring Social Security payments, rolling over old 401(k)s, setting up IRAs to avoid the mandatory 20% federal income tax, and keeping your capital gains taxes low are among the best strategies for reducing taxes on your 401(k) withdrawal.

Do I pay taxes on 401k withdrawal after age 60? ›

You can begin withdrawing money from your traditional 401(k) without penalty when you turn 59 ½ — but you still have to pay taxes on the withdrawal because you didn't pay income taxes on it back when you put it in the account.

At what age can you withdraw from IRA without penalty? ›

Once you reach age 59½, you can withdraw funds from your Traditional IRA without restrictions or penalties.

What is the best company for an IRA? ›

Summary: Best IRA Accounts & Their Ratings
CompanyForbes Advisor RatingView More
TD Ameritrade4.3Learn More Read Our Full Review
Charles Schwab4.3View More
Betterment4.8Learn More On Betterment's Secure Website
Vanguard Digital Advisor4.8Learn More On Vanguard's Website
2 more rows
May 1, 2024

Does Merrill Lynch IRA have fees? ›

Are there any fees associated with a Traditional IRA? Your Merrill Edge Self-Directed traditional IRA has unlimited $0 online stock, ETF and option trades with no trade or balance minimums. Footnote 4 Options contract and other fees may apply.

Who is best to have IRA with? ›

Here are some of the best brokers or robo-advisors to use when you're setting up your IRA.
  • Betterment. ...
  • Interactive Brokers. ...
  • Schwab Intelligent Portfolios. ...
  • Merrill Edge. ...
  • Fundrise. ...
  • E-Trade. ...
  • Firstrade. ...
  • Fidelity Go.
Apr 1, 2024

What is the safest fund for IRA? ›

7 Best Funds to Hold in a Roth IRA
FundExpense Ratio
Invesco S&P 500 GARP ETF (SPGP)0.34%
Invesco S&P 500 Equal Weight ETF (RSP)0.20%
Invesco Zacks Multi-Asset Income ETF (CVY)1.06%
Schwab U.S. Large-Cap Growth ETF (SCHG)0.04%
3 more rows
Apr 16, 2024

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