How To Rollover 401K Funds Into an IRA Allentown PA

Rolling your 401K into an IRA is one of the smartest things you can do with a retirement plan. To learn more about this process, read the following article.

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Avoid Adverse Taxes by Rolling Over Your 401K Into an IRA

Rolling your 401K into an IRA is one of the smartest things you can do with a retirement plan. The cleverest thing, of course, is being astute enough to sign up for your company's 401K plan. You were smart, and signed up for your company's 401K, however, you are now leaving the company, and therefore, your job. To avoid paying the taxes you would incur by cashing out your 401K money, you want to rollover your 401K into an IRA by following these steps below:

  1. Choose a bank, brokerage firm or mutual fund company to rollover your 401K into. The financial institution you choose will give you a form that authorizes a direct rollover once you open the account. Do not forget to fill out the form authorizing your rollover. When you open an account, be aware that all financial institutions (banks, brokerages and mutual funds) must comply with the U.S. Patriot Act. This means you will be asked for your name, address, date of birth and other information to verify who you are.
  2. Read your 401K plan literature to determine if your 401K charges a fee for either selling funds in your account or for an outgoing account transfer. If your 401K charges a fee for an outgoing account transfer, ask your new IRA custodian if they will pay that fee for you.
  3. You may be able to transfer existing mutual funds in your 401K to an IRA at a brokerage firm. But in order for this to occur, both the brokerage and 401K must allow it. Be aware that a lot of brokerage funds only accept cash. Call your old 401K plan as well as your new IRA custodian to inquire if this is permissible. If it is not allowed, your mutual funds must be liquidated. ...

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Author: Mini Guruswamy

Featured Local Company

AXA Advisors

Your Life... Your Way. Plan It. Live It.

610.606.0569
1525 Valley Ctr Pky
Bethlehem, PA
www.thomasmarino.myaxa-advisors.com

For business owners, we offer a range of services - group benefits, qualified retirement plans, and deferred compensation programs. We structure defined contribution plans like: 401(k), SEP IRA, SIMPLE IRA, 401(k) with safe harbor provisions, Profit-sharing, Money purchase, and ERISA 403(b).
We work with individuals and design a financial strategy that is specific and unique to the client’s needs. We focus on three key factors that could affect the portfolio’s ability to generate income during retirement: Asset Allocation, Withdrawal Amounts, and the Sequence of Market Returns. We help protect assets upon death, establish educational funding, and help secure retirement. We understand that you’ve worked hard to earn your money.

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