401K to IRA
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Posting Guru
Joined: Jun 2003
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From: On A Ship, MI
401K to IRA
i have a 401K from an old job that i forgot about.
how hard is it to put into a ira? it was from my first "real" job, its only about
$1500 bucks, i have not contributed to it in about 2 years.
i really really do not want to pay the 38% tax if i cash it out.
how hard is it to put into a ira? it was from my first "real" job, its only about
$1500 bucks, i have not contributed to it in about 2 years.
i really really do not want to pay the 38% tax if i cash it out.
Elder User
Joined: Mar 2003
Posts: 699
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From: northern Michigan
You need to go to a bank or a stock broker and set up an account for this. They have all the papper work to do it and make it legal so there will be no penalties when you do this. Most insurance companies also have a means of doing this but some of thier investments don't pay as well.
Also watch which funds you invest in, there are some real dogs out there, you want to make money, not watch it disappear.
Also watch which funds you invest in, there are some real dogs out there, you want to make money, not watch it disappear.
Laughing Gas
Joined: Jul 2004
Posts: 1,245
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Check with the investment company the 401k is with and see what options they have for rolling it over to an IRA. Do some research first to make sure they don't hit you with a ton of junk fees.
I have a couple of Fidelity funds and I really like them. Well managed, low load (fees) and have performed admirably over time. You can setup everything you need to online and they can provide you with the required forms/information to roll the money over into one of their accounts.
I have a couple of Fidelity funds and I really like them. Well managed, low load (fees) and have performed admirably over time. You can setup everything you need to online and they can provide you with the required forms/information to roll the money over into one of their accounts.
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