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Message
Leaving a Company
Posted on 4/14/14 at 2:49 am
Posted on 4/14/14 at 2:49 am
So I'm pretty sure I will be accepting a job with a different company and relocating shortly. I've been with this company since I graduated college and thus have never really "left" a company before (outside of random summer jobs).
What do I need to do as far as my 401K is concerned, and do I need to give them an address once I relocate to get my W2 sent to and anything else you might think would be helpful (outside of the obvious steamer on the boss's desk).
TIA!
What do I need to do as far as my 401K is concerned, and do I need to give them an address once I relocate to get my W2 sent to and anything else you might think would be helpful (outside of the obvious steamer on the boss's desk).
TIA!
Posted on 4/14/14 at 4:05 am to FootballNostradamus
This is what HR departments are for. The new company will have its own retirement plan. You'll do a rollover working with the companies who operate the 401ks (Fidelity, ING, etc.). Yes, you'll give HR your new address just like you would for all other regular correspondence.
Posted on 4/14/14 at 5:23 am to FootballNostradamus
I rolled by 401k over into an IRA. Then you have free reign of what to do with the funds.
Make sure you give at least 2 weeks notice. You never know who you will work for in the future.
They will get a forwarding address when you leave.
Make sure you give at least 2 weeks notice. You never know who you will work for in the future.
They will get a forwarding address when you leave.
Posted on 4/14/14 at 7:46 am to FootballNostradamus
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. And yes, leave a forwarding address with the current company's HR department as well as forward all of your mail via the USPS.
Also, check the new company's health insurance to make sure you're covered from day one. If there is a 30/60/90 day lag, make sure you either opt for COBRA or get a temp policy to cover you.
Also, check the new company's health insurance to make sure you're covered from day one. If there is a 30/60/90 day lag, make sure you either opt for COBRA or get a temp policy to cover you.
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!
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
Posted on 4/14/14 at 9:20 pm to ZereauxSum
quote:
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.
Thanks! I already have an IRA, but it's a Roth IRA. Would it make sense to start a traditional IRA with this fund or declare it, tax it, and put it into the Roth IRA?
I'm 26 FWIW.
Posted on 4/14/14 at 9:30 pm to FootballNostradamus
Hmmmm....that's a tough call. Since the 401k is a nice chunk of money you might not want to take that tax hit this year. You might have to write a pretty big check next April.
I'm not sure if want to have 3 separate retirement accounts to keep up with so Id probably just roll it into the 401k, but like others have said, this will limit what you can do with the money.
I'm not sure if want to have 3 separate retirement accounts to keep up with so Id probably just roll it into the 401k, but like others have said, this will limit what you can do with the money.
Posted on 4/14/14 at 9:43 pm to ZereauxSum
Absolutely use this as an opportunity to open a traditional IRA.
I did something similar and have a traditional, Roth, and 401K.
I never run out of somewhere to put retirement funds.
I did something similar and have a traditional, Roth, and 401K.
I never run out of somewhere to put retirement funds.
Posted on 4/14/14 at 10:10 pm to Tiger4Ever
This^
Open a traditional IRA at a Merrill, Lynch-ish brokerage house. The right one will be thrilled to see you at 26. Ask around, it doesn't have to be local. You have to have the funds from your present 401k go directly from the present fund's administrator to the new IRA or the IRS deems it as taxable income for 2014, and you do not want that to happen.
Consult a tax or investment professional, glad to hear you are on the right track as to solvency. Ditto on the giving two weeks' notice, not burning any bridges advice. And good luck at your new employ.
Open a traditional IRA at a Merrill, Lynch-ish brokerage house. The right one will be thrilled to see you at 26. Ask around, it doesn't have to be local. You have to have the funds from your present 401k go directly from the present fund's administrator to the new IRA or the IRS deems it as taxable income for 2014, and you do not want that to happen.
Consult a tax or investment professional, glad to hear you are on the right track as to solvency. Ditto on the giving two weeks' notice, not burning any bridges advice. And good luck at your new employ.
Posted on 4/14/14 at 10:38 pm to soccerfüt
I just did this. Once you pick a company to use walk in and say I have this 401k I want to transfer to a traditional IRA and they will walk it through for you. They will call the company and let you handle the business right there with them there to answer any questions along the way. Makes it easier.
Posted on 4/15/14 at 12:26 am to soccerfüt
Thanks all!
I hate managing multiple different brokers and websites so I might just open another account with Vanguard as this is where all my investments and my Roth IRA are, but I like everyone's thoughts on having both a traditional AND a Roth IRA.
Also, I'm definitely not going to burn any bridges here. I've actually already talked to my boss about it and he's asked me to stay on board for the next month and a half to try and make the transition as smooth as possible. I'm not leaving because I dislike the company. I like it quite a bit, but my parents are too far away and they're getting old. I'm definitely keeping things as cordial as possible in case I need to come back later!
Thanks again!
I hate managing multiple different brokers and websites so I might just open another account with Vanguard as this is where all my investments and my Roth IRA are, but I like everyone's thoughts on having both a traditional AND a Roth IRA.
Also, I'm definitely not going to burn any bridges here. I've actually already talked to my boss about it and he's asked me to stay on board for the next month and a half to try and make the transition as smooth as possible. I'm not leaving because I dislike the company. I like it quite a bit, but my parents are too far away and they're getting old. I'm definitely keeping things as cordial as possible in case I need to come back later!
Thanks again!
Posted on 4/15/14 at 8:01 pm to FootballNostradamus
Damn skippy (honorable) of you, old boy, the parents and work things.
Good luck.
Good luck.
Posted on 4/15/14 at 8:42 pm to FootballNostradamus
I always recommend keeping it cordial if you can when you leave.
I did and was promptly re-hired after my year long sabbatical of sorts.
I did and was promptly re-hired after my year long sabbatical of sorts.
Posted on 4/15/14 at 9:47 pm to eng08
I'm in the same boat. Same company for 8 years after college. I have had my job offer since jan 1. Still have two more months before I turn in my 4 weeks. I've officially hit the wall, sooo hard to care about work, but I'm trying hard so I can leave on gold terms.
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