Rolling a 401K into a IRA. In this video I go over how I rolled my Wells Fargo 401K into a Fidelity IRA.

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How to Roll a 401(k) into an IRA

As an employee, you may have been contributing to a 401(k) retirement plan offered by your employer for a number of years. However, there may come a time when you decide to leave your job, retire, or simply want to have more control over your retirement savings. In such cases, rolling your 401(k) into an Individual retirement account (IRA) can provide you with greater flexibility and potential benefits. Here is a step-by-step guide on how to roll your 401(k) into an IRA.

1. Understand the different types of IRAs: Before initiating a rollover, it’s essential to have a good grasp of the various types of IRAs available. Traditional IRAs allow you to contribute pre-tax dollars, which are eventually taxed upon withdrawal during retirement. Roth IRAs, on the other hand, contain post-tax dollars, allowing for tax-free withdrawals in retirement. Additionally, there are specialized IRAs like SEP (Simplified Employee Pension) and SIMPLE (Savings Incentive Match Plan for Employees) IRAs, which are primarily designed for self-employed individuals and small businesses.

2. Research and choose an IRA provider: After familiarizing yourself with the various types of IRAs, you need to select a provider to establish the new account. It’s important to research multiple providers to find the one that fits your needs. Consider factors such as fees, investment options, customer service, and overall reputation. Popular options include brokerage firms, banks, and mutual fund companies.

3. Evaluate your eligibility for a rollover: Not all 401(k) plans are eligible for rollovers, so it’s crucial to review your existing plan’s rules. Most employer-sponsored 401(k) plans can be rolled over into an IRA when leaving the job, retiring, or reaching the age of 59 ½. However, it’s essential to consult with your plan administrator to ensure you meet the necessary requirements.

4. Initiate the rollover process: Once you have selected an IRA provider and confirmed your eligibility, you can begin the rollover process. Contact your 401(k) plan administrator and inform them of your intention to roll over your funds into an IRA. They will provide you with the necessary paperwork, such as a distribution form or rollover request form. Take the time to read and complete the forms accurately, providing the required information.

5. Choose between a direct or indirect rollover: When rolling over your 401(k) into an IRA, you have two choices – a direct or an indirect rollover. With a direct rollover, the funds are directly transferred from your 401(k) plan to your new IRA, ensuring no tax implications or penalties. On the other hand, an indirect rollover involves receiving the funds directly and then depositing them into the new IRA within 60 days. However, with an indirect rollover, you must be cautious, as any delays or failure to complete the rollover within the allotted time frame may result in taxes and penalties.

6. Select your investment options: Once your rollover is complete, you can now select the investment options for your new IRA. Consult with your chosen IRA provider to explore the range of investment choices available, such as stocks, bonds, mutual funds, ETFs, or even real estate. It is advisable to develop a well-diversified portfolio that aligns with your long-term financial goals and risk tolerance.

7. Monitor and manage your IRA: Rolling your 401(k) into an IRA is not the end of the process. It’s crucial to manage and monitor your new account regularly. Review your investment choices periodically, ensuring they align with your evolving goals and risk tolerance. Consider rebalancing your portfolio when needed and staying informed about any changes in tax laws or retirement regulations that may affect your IRA.

By following these steps, you can successfully roll over your 401(k) into an IRA, providing you with increased control and flexibility over your retirement savings. However, remember to consult with a financial advisor or tax professional before making any decisions to fully understand the impact on your individual financial situation.