A Guide to Transferring a 401(k) into an IRA for Better Retirement Planning

by Retirement Advisor | Jun 12, 2023 | Rollover IRA | 1 comment

Welcome! In this video we’ll be going over the step by step process of how to rollover your 401(k) to and IRA.

Referenced Videos:
– What to do with your 401(k) when you leave your employer? What are my options?

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Rolling over a 401(k) to an IRA is a great way to take control of your retirement funds. This process can seem daunting at first, but it is actually a straightforward procedure. In this article, we’ll dive into the details of how to rollover a 401(k) to an IRA and the benefits of doing so.

What is a 401(k)?

A 401(k) is a retirement savings plan that is offered by employers. It is a tax-advantaged account that allows you to save money for retirement. Some employers offer an employer match, which can increase your retirement savings even further. The funds in a 401(k) are invested in different assets such as mutual funds, stocks, and bonds, that grow over time.

Why Rollover a 401(k) to an IRA?

There are many reasons you might want to roll over your 401(k) to an IRA. Here are a few of the most common:

– More Investment Options: 401(k) plans are usually limited to the investment options chosen by your employer. Rolling over to an IRA will allow you to choose from a wider range of investment options.
– Lower Fees: 401(k) plans usually come with fees such as administrative fees, record-keeping fees, and investment fees. These fees can add up over time and eat into your retirement savings. IRA accounts usually have lower fees.
– Simplification: If you’ve worked for multiple employers throughout your career, you may have multiple 401(k) accounts. This can be hard to manage. Rolling over those accounts into one IRA account can simplify things and make it easier to keep track of your retirement savings.

How to Rollover a 401(k) to an IRA

Here are the steps to follow when rolling over a 401(k) to an IRA:

1. Determine if you are eligible: Not all 401(k) plans allow rollovers. Check with your plan administrator to see if your plan allows rollovers.

2. Choose an IRA provider: Do some research to find an IRA provider that suits your needs. Look for low fees, a wide range of investment options, and good customer service.

3. Open an IRA account: Once you’ve chosen a provider, open an IRA account with them. You will need to provide your personal information and some details about your 401(k) plan.

4. Request a rollover: Contact your 401(k) plan administrator and request a rollover. They will either send you a check for the balance of your account or transfer the money directly to your IRA account. Be sure to specify that you want a “direct rollover” to avoid any tax penalties.