A 401(k) rollover is when you direct the transfer of the money in your 401(k) plan to a new 401(k) plan or IRA. The IRS gives you 60 days from the date you receive an IRA or retirement plan distribution to roll it over to another plan or IRA. If you’ve left your job, there are several options for how to roll over your employer-sponsored 401(k) retirement plan. Making the right decision on where to roll over your account can potentially save you tens of thousands of dollars – or cost you just as much if you make the wrong decision.
This Friday’s Financial Freedom video will give you the simple steps to take to rollover your 401(k).
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LEARN MORE ABOUT: IRA Accounts

INVESTING IN A GOLD IRA: Gold IRA Account

INVESTING IN A SILVER IRA: Silver IRA Account

REVEALED: Best Gold Backed IRA

If you’re leaving a job or retiring, you may be wondering what to do with your 401k account. One popular option is to do a 401k rollover, which involves transferring the funds from your employer-sponsored retirement plan to a new account, such as an individual retirement account (IRA) or a new employer’s 401k plan. Here are some steps to guide you through the process of a 401k rollover:

1. Understand your options: Before making any decisions, it’s important to understand the rules and regulations surrounding 401k rollovers. You can choose to rollover your 401k into an IRA, a new employer’s 401k plan, or leave it with your former employer, depending on the plan’s rules.

2. Start the process: Contact the financial institution that will be receiving the rollover funds to initiate the transfer. They will provide you with the necessary paperwork and instructions to complete the rollover.

3. Choose a rollover method: There are two ways to complete a rollover – direct and indirect. In a direct rollover, the funds are transferred directly from your old 401k plan to your new account, without passing through your hands. In an indirect rollover, you receive a check for the funds and then have 60 days to deposit them into your new account to avoid penalties and taxes.

4. Consider your investment options: When rolling over your 401k, take the opportunity to review and adjust your investment options. Consider your risk tolerance, time horizon, and retirement goals when selecting new investments for your rollover account.

5. Review fees: Before finalizing your rollover, make sure to review any fees associated with the new account. Some IRAs and 401k plans may have maintenance fees or investment fees that could eat into your retirement savings over time.

6. Complete the rollover: Once you have selected your new account and investment options, follow the instructions provided by your financial institution to complete the rollover. Make sure to keep records of all transactions and paperwork related to the rollover for tax purposes.

By following these steps, you can successfully complete a 401k rollover and continue to grow your retirement savings in a new account that aligns with your financial goals. It’s important to consult with a financial advisor or tax professional if you have any questions or concerns about the rollover process.