When discussing financial planning, one important term to understand is "rollover." This refers to the transfer of funds from one qualified retirement plan, such as a 401(k) or regular IRA, to another IRA. This can be done with a new IRA or an existing one. It is crucial to ensure that the rollover is completed correctly, as any mistakes can result in withholding and taxes due the following April. Additionally, it is important to note that any rollover will need to be reported on your tax return. Understanding the concept of a rollover is essential in managing and optimizing your retirement funds.