Visit AllGen’s 401k Rollover Page – **EVERYTHING you need to know:

In this episode of AllGen’s #MoneyMinute, Jason discusses how to do a simple 401K rollover into an IRA. This is only Part 1 for #simplerollovers, if you’ve got a non-simple rollover for a Roth 401k – watch our Part 2 video here!

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401K Rollovers: How Do I Rollover My 401K Into An IRA?

Are you considering rolling over your 401K into an IRA? Doing so can be a great way to consolidate your retirement funds and create more flexibility for your retirement savings. Here’s what you need to know to rollover your 401K into an IRA in a few simple steps.

First, you’ll need to decide which type of IRA you’d like to open. Traditional IRAs are tax-deferred and offer the potential for tax-deductible contributions. Roth IRAs are funded with after-tax dollars and offer tax-free withdrawals in retirement. You’ll need to decide which type of IRA best suits your retirement needs.

Next, you’ll need to find a financial institution to open your IRA account. You can open an IRA with a bank, credit union, brokerage firm, or other financial institution. Make sure to compare fees and services to find the best option for you.

Once you’ve opened your IRA, you’ll need to initiate a rollover from your 401K to your IRA. You can do this by requesting a direct rollover from your 401k plan administrator. This is the simplest and most common way to rollover your 401K.

Alternatively, you can request a check from your 401k plan administrator and deposit the funds into your IRA within 60 days. This is known as an indirect rollover, and you’ll need to make sure to keep track of the paperwork and taxes associated with this type of rollover.

Finally, you’ll need to decide how to invest your IRA funds. You can choose from a variety of investments, including stocks, bonds, mutual funds, and ETFs. Make sure to do your research and consult with a financial advisor before making any decisions.

Rolling over your 401K into an IRA can be a great way to consolidate your retirement funds and create more flexibility for your retirement savings. Just make sure to do your research and consult with a financial advisor before making any decisions.