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When you left your old job, did you
leave your 401k or IRA behind? Once you
end employment with a company or non-profit organization, you are eligible to
roll over your 401k or other retirement plan.
A qualified rollover occurs when your assets are moved from a 401k to a
Rollover IRA. This is also commonly
referred to as a 401k rollover. But watch out for the pitfalls of moving your 401k assets. If you're not careful, you could cause a taxable event and also incur a 10% IRS penalty.
A 401k Rollover is completed in 3 stages:
- Open a New Rollover IRA account
- Execute Rollover of Old 401k assets
- Invest proceeds in the New Rollover IRA
Open a Rollover IRA Account. The first step is to open a new Rollover IRA account. Your new Rollover IRA account will receive the assets from your old 401k plan. We make opening a Rollover IRA account quite simple through our FREE Rollover kit.
Execute a Rollover of old 401k assets. Contact the H.R. at your previous employer and request a 401k rollover form. Your H.R. may refer you to a 1-800 number for your 401k vendor. Once you have the rollover form in-hand, complete and return to execute the rollover. But be careful! If you elect the wrong option, you may accidentally
trigger a taxable distribution of your 401k account. And if you are
under 59 1/2, you may also owe a 10% IRS penalty. If you
want to avoid this potential pitfall, let our team take the guesswork
out of your rollover. We make it easy to roll over your 401k.
Invest the proceeds in the New Rollover IRA. Once the 401k rollover
form is processed, the old 401k vendor will issue a check, made payable
to your IRA account. Once the proceeds of your old 401k are deposited
into your account, we can invest the proceeds based on your direction.
And not to worry, we will provide investment choices for your
consideration.
Ready to get Started? Complete the form on this page to get your FREE Rollover kit. |
