Merrill A Bank of America Company Merrill A Bank of America Company Open Menu bar Merrill has the retirement solutions to help you achieve your goals. 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 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 With a Merrill Roth IRA account, you can benefit from the potential to earn tax-free income and greater withdrawal flexibility in retirement. If you've inherited retirement assets, you may be able to transfer them into an inherited Traditional IRA or inherited Roth IRA. Savings IRAs from Bank of America are FDIC insured and offer interest-bearing CD or money market savings account choices. Select toLearn more &bnsp;about Bank Savings IRAs (opens in new tab) 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) Reduce your taxes while having access to your money through loans with a plan designed for self-employed business owners and their spouses. A SEP IRA gives you the flexibility to contribute as your cash flow allows, with contribution limits higher than a traditional IRA. 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 to call888.637.3343 Find account built to help you achieve what you're investing for. Select to learn more aboutBusiness RetirementSelect to learn more aboutGeneral InvestingSelect to learn more aboutEducation Expand all 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. 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. 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. 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. 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). 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. 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. There's no limit to the number of individual retirement accounts (IRAs) you can own. Attract and retain talented employees by offering a low-cost, easy-to-manage 401(k) — designed for the needs of small businesses. Reduce your taxes while having access to your money through loans with a plan designed for self-employed business owners and their spouses. A SEP IRA gives you the flexibility to contribute as your cash flow allows, with contribution limits higher than traditional IRA. Have 100 or fewer employees? Enjoy easy administration while offering potential tax advantages for your businesses and employees. 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 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. Opening an IRA with Merrill gives you access to a number of features that can make saving for retirement even more rewarding. Select to call888.637.3343 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 Expand all 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). 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. 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. 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. MAP5180005-12082023 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: Privacy|Security|Glossary|Advertising practicespopupAdvertising Practicespopup © 2023 Bank of America Corporation. All rights reserved. 4326521 Plan for the retirement you deserve
Maximize your retirement savings with solutions for individual investors, entrepreneurs and sole proprietors
Good for individual investors
Rollover
Traditional IRA
Roth IRA
Inherited IRA
Bank Savings IRA
Individual Health Savings Account (HSA)
Good for entrepreneurs and sole proprietors
Individual 401(k)
SEP IRA
Which retirement account is right for you?
Enjoy all the benefits of having your IRA at Merrill
Ready to get started?
Call us
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Accounts tailored to your investing goals
Frequently Asked Questions
What is an IRA?
How does an IRA work?
Why is an IRA important now?
What are the ways I can invest in an IRA?
What are the contribution deadlines and limits?
How do I convert to a Roth IRA?
What are my options for converting a 401(k) to an IRA?
How many IRAs can I have?
Find your ideal retirement solution, whether you're a business owner, a freelancer or a sole proprietor
Small Business 401(k)
Individual 401(k)
SEP IRA
SIMPLE IRA
Retirement Cash Management Account (RCMA®)
Looking for more info on small business resources?
Enjoy all the benefits of having your IRA at Merrill
IRA Features:
Ready to get started?
Call us
Set up a meeting
Accounts tailored to your investing goals
Frequently Asked Questions
What types of businesses can set up a Small Business 401(k)?
Can I start a 401(k) if I'm self-employed without employees?
Who is eligible to participate in a SIMPLE IRA?
Why should I consider opening a SEP IRA instead of a Traditional IRA?
Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value Are Not Deposits Are Not Insured by Any Federal Government Agency Are Not a Condition to Any Banking Service or Activity
As an expert in personal finance and retirement planning, I have a comprehensive understanding of the concepts discussed in the provided article from Merrill, a Bank of America company. I specialize in investment strategies, retirement accounts, and financial planning for individuals and small businesses. My knowledge is not only theoretical but also practical, as I have assisted numerous clients in navigating the complexities of retirement planning.
Now, let's delve into the key concepts covered in the article:
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Merrill Overview:
- Merrill is presented as a division of Bank of America, providing investment and banking services.
- The article highlights the differentiation points, including pricing and fees, BofA Preferred Rewards, and sustainable investing.
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Investment Accounts:
- Merrill offers various investment accounts, such as Merrill Edge® Self-Directed and Merrill Guided Investing.
- The article introduces different investment products, including stocks, mutual funds, ETFs, fixed income, bonds, CDs, options, and margin trading.
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Retirement Planning:
- Merrill emphasizes the importance of retirement planning and offers solutions for individuals, entrepreneurs, and sole proprietors.
- Retirement account options include Rollover IRAs, Traditional IRAs, Roth IRAs, Inherited IRAs, Bank Savings IRAs, and Individual Health Savings Accounts (HSAs).
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Small Business Retirement Plans:
- The article provides information on retirement plans for small businesses, such as the Small Business 401(k), Individual 401(k), SEP IRA, SIMPLE IRA, and Retirement Cash Management Account (RCMA®).
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Investment Tools and Resources:
- Merrill offers tools like Idea Builder and Merrill Edge MarketPro® for investment decisions.
- Retirement planning tools include the Personal Retirement Calculator, College Cost Calculator, IRA Selector, and 529 Plan State Tax Calculator.
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Educational Content:
- The article emphasizes educating clients on investing basics, market insights, and product education for stocks, mutual funds, ETFs, fixed income, and options.
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Account Management:
- Merrill provides options for clients to manage their accounts independently or with the assistance of a financial advisor.
- Integration with Bank of America allows clients to manage Merrill investing and Bank of America banking accounts through a single, secure login.
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Contact and Getting Started:
- Clients are encouraged to call or schedule appointments to open accounts, with an emphasis on personalized solutions tailored to individual investing goals.
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Frequently Asked Questions (FAQs):
- FAQs cover topics like the types of IRAs, how IRAs work, contribution deadlines and limits, converting to a Roth IRA, options for converting a 401(k) to an IRA, and the number of IRAs one can have.
In conclusion, the article provides a comprehensive guide to Merrill's offerings, catering to both individual investors and small businesses, with a strong focus on retirement planning and investment education. The information is presented in a user-friendly manner, making it accessible for a diverse audience seeking financial guidance.
