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Message
re: Leaving a Company
Posted on 4/14/14 at 7:26 pm to jeepfreak
Posted on 4/14/14 at 7:26 pm to jeepfreak
quote:
Roll your 401k into an IRA, not the new company's 401k. If you roll into the new 401k you'll be limited to the investments offered by that plan. In an IRA you'll have way more options.
Interesting, is this pretty straight-forward?
If I roll it straight over it won't get taxed, right? Is there a max I can roll-over into an IRA? I've been contributing to this 401K for a while, it's pretty substantial.
Thanks for the help!
2
Posted on 4/14/14 at 8:04 pm to FootballNostradamus
A rollover to the same type of account is not taxed. I don't have an answer for the IRA question. Like some have said, you'll have more options with it if you can.
Posted on 4/14/14 at 8:52 pm to FootballNostradamus
quote:
If I roll it straight over it won't get taxed, right? Is there a max I can roll-over into an IRA? I've been contributing to this 401K for a while, it's pretty substantial.
Make sure you do a traditional (not Roth) IRA and the rollover won't be taxed as income.
It's pretty straight forward. Just make sure to take down contact info for your 401k plan administrator, set up your IRA with someone like Vanguard and contact the 401k administrator to move your money after you peace out.
This post was edited on 4/14/14 at 8:54 pm
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