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I have a Swell IRA. What should I do?

  • Updated

You have two options available to you:

1. Transfer your Swell IRA to the investment platform of your choice. This is also known as an ACAT.
Deadline is August 15, 2019
Rather than withdrawing funds from your IRA, you can simply transfer your Swell IRA to another investment platform. Any transfers need to be initiated by August 15, 2019, to provide sufficient time for processing. 

For instructions on transferring your account out, see How to Initiate an IRA Transfer

Log in to your Swell account and withdraw your funds into your bank account.
Deadline is August 30, 2019
Please keep in mind:

  • If you are younger than 59 ½, be sure to invest the entire balance disbursed to you into an equivalent IRA within 60 days to avoid tax penalties on early withdrawal. This is called an “indirect IRA rollover,” and this option is available to you as long as you have not processed another indirect rollover this calendar year.
  • If you are older than 59 ½, you may be eligible to take distributions from your IRA. You should consult your own tax, legal and accounting advisors to assess eligibility or tax implications. 

       To read through the IRS’s list of tax consequences and penalties, click here.

For step-by-step instructions on liquidating your Roth IRA, click here. 

For step-by-step instructions on liquidating your Traditional or SEP IRA, click here. 

If you take no action on your IRA before August 30, 2019, Swell will direct Folio Investments, Inc (“Folio”), your current custodian, to sell out of your positions and disburse the balance of your account via check or ACH withdrawal. ACH withdrawals will be sent to your bank on file. For accounts with no valid linked bank account, checks will be mailed to your address of record.

For step-by-step instructions on updating your bank account, click here.

For step-by-step instructions on updating your mailing address, click here.

*Swell Investing does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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