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Started By
Message
Rolling 401k into IRA
Posted on 2/21/10 at 6:16 pm
Posted on 2/21/10 at 6:16 pm
My wife just stopped working and has a small 401k balance from the job. She probably won't be going back to work for a while so I'm thinking we'd rather convert it into an IRA.
Is this complicated? Any good websites with a how-to guide?
ETA: And what sort of penalties would we be looking at for simply withdrawing the money to use for a home downpayment?
Is this complicated? Any good websites with a how-to guide?
ETA: And what sort of penalties would we be looking at for simply withdrawing the money to use for a home downpayment?
This post was edited on 2/21/10 at 6:26 pm
7
Posted on 2/21/10 at 6:56 pm to HurricaneDunc
Posted on 2/21/10 at 7:02 pm to HurricaneDunc
just go to fidelity.com and use their easy to follow instructions...nothing to it
Posted on 2/21/10 at 10:00 pm to HurricaneDunc
Fidelity.com, Vanguard.com, ect can walk you through it. Walk in the park. If you cash out, you pay a 10% penalty off the top and the rest is taxed as income. Bad idea.
Posted on 2/21/10 at 10:56 pm to HurricaneDunc
quote:
Is this complicated? Any good websites with a how-to guide?
good idea and easy as can be...just contact the mutual fund company of your preference and they will get it done for you....
quote:
what sort of penalties would we be looking at for simply withdrawing the money to use for a home downpayment?
don't even think about this...your losses will be massive....
Posted on 2/22/10 at 8:28 am to HurricaneDunc
(no message)
This post was edited on 2/22/10 at 8:30 am
Posted on 2/22/10 at 9:22 am to HurricaneDunc
While going to a .com site is easy and fast you should consider going to a fee based consultant. You are not an expert in what is out there and a little guidance could not hurt. Typical fee based advisors should have one of the following credentials CFP (Certified Financial Advisor) or Chfc (Charter Finacial Consultant). Thier income is directly tied to the performance of your account value. They only make money when you do so they have a vested interest in your well being. Most will provide a review on a quarterly or semi annual basis to ensure your goals are being met. Of course this is just my humble opinion.
Posted on 2/22/10 at 11:18 am to HurricaneDunc
quote:
And what sort of penalties would we be looking at for simply withdrawing the money to use for a home downpayment?
The penalty is 10% of the amount withdrawn. This is in addition to paying income tax on the amount withdrawn.
Posted on 3/6/10 at 12:39 am to Poodlebrain
(no message)
This post was edited on 11/27/11 at 10:28 pm
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