Do you have a 401k that you need to do something with?
Rolling over a 401(k) from a previous employer is very easy with a little help.
Know Your Options
We make it very simple. Set up a phone consultation with one of our financial consultants. We will answer all your questions about rolling over your 401k.
How It Works
Our team will listen to your objectives and provide some plans to compare. These comparisons will list key areas that will help you decide what is best for you. You’ll see information on minimum balance requirements, investment offerings, and customer service options.
401k Rollover Time Limits
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. You’re allowed only one rollover per 12-month period from the same IRA.
Can I rollover my 401k at any time?
Anyone can roll over a 401(k) to an IRA or to a new employer’s 401(k) plan when leaving a job. Depending on your plan’s policies, you might be able to make the rollover while you’re still with the company. Unlike a post-job rollover, your plan doesn’t have to allow in-service rollovers, but many companies do.
How to roll over your 401(k) in 5 easy steps
1. Choose a brokerage or bank that you want to roll over your money to.
At Slate, Disharoon, Parrish & Associates we will go over the details of your existing 401k and help you make an educated decision on where the new account should be.
2. Decide what kind of account you want
Start by deciding whether you’re going to be a self-directed investor – making your own investment choices – or whether you’ll have an adviser making the choices for you.
3. Contact the right institution to open your account
If the 401(k) company is sending a check, your IRA institution may request that the check be written in a certain way and they might require that the check contains your IRA account number on it.
4. See what the procedure is to begin the rollover process
After setting up the IRA, we will help you contact your 401(k) administrator.
5. Remember the 60-day rule
You have 60 days from the date you receive your retirement plan distribution to get it deposited into a qualified account; otherwise, it will be a taxable event. If this is a direct rollover, the 60-day rule does not apply.
What is a 401(k) rollover?
A 401(k) rollover is when you transfer your retirement account from a previous employer to a new plan or IRA. If you are still employed, some plans offer “in-service withdrawals” to an IRA that might provide more investment options and personal advice. Sometimes it makes more sense to leave your funds in your 401(k) for example if you need to use the “age 55 rule.”
Schedule a conversation to learn more and to find out which options serve your needs the best.
IRS QUICK LINKS
- Internal Revenue Service. “Publication 590-A (2019), Contributions to Individual Retirement Arrangements (IRAs).” Accessed April 20, 2020.
- Internal Revenue Service. “Rollover Chart.” Accessed April 20, 2020.
- Internal Revenue Service. “Rollovers of Retirement Plan and IRA Distributions.” Accessed April 20, 2020.
- Internal Revenue Service. “Traditional and Roth IRAs.” Accessed April 20, 2020.
- Internal Revenue Service. “Income ranges for determining IRA eligibility change for 2021.” Accessed November 1, 2020.
- Internal Revenue Service. “IRA FAQs – Contributions.” Accessed April 20, 2020.
Do you want to schedule your free consultation now?
Let’s start with answers. Then you can decide if you want to be a self-directed investor – making your own investment choices – or whether you want us to make choices, in your best interest, for you.
Please be sure to speak to your financial professional to carefully consider the differences between your company retirement account and investment in an IRA. These factors include, but are not limited to changes to the availability of funds, withdrawals, fund expenses, and fees.
Investment Advisory Services offered through Investment Advisor Representatives of Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA (www. finra.org) and SIPC (www.sipc.com), to residents of: AL, AR, AZ, CA, DC, FL, GA, IL, KS, KY, LA, MA, MD, MI, MN, MO, MS, NC, NE, NM, NJ, NY, NV, OH, NY, PA, SC, TN, TX, VA, VT, WA, WI, WV, WY. Cambridge and Slate, Disharoon, Parrish & Associates, LLC are not affiliated.
A broker-dealer, investment advisor, BD agent, or IA representative may only transact business in a state if first registered appropriately. Follow-up, individualized responses to persons in a state by such a firm or individual that involve either effecting or attempting to effect transactions in securities or the rendering of personalized investment advice for compensation, will not be made without first complying with appropriate registration requirements. For information concerning the licensing status or disciplinary history of a broker-dealer, investment adviser, BD agent, or IA representative, a consumer should contact his or her state securities law administrator.
Cambridge does not provide tax advice.
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