401k question

[minendo]

Since I am leaving my current company and will be starting with a new company immediately I need to roll over my 401k. I've got a decent amount of money in there and don't want to pay taxes. Will I need to get an accountant/adviser to do this for me or will I be able to do it on my own?

 

[Linflas]

Should be able to do it on your own. Just make sure to direct that it go directly into the place you are rolling it over to so they aren't required to withhold 20% for tax.

 

[DaveSimmons]

^ yep, go to Vanguard.com and read about a rollover IRA, then give them all of your money.

 

[Schfifty Five]

1. Tell current employer you want to rollover, get a form from them

2. Set up your new 401k plan and tell them you want to deposit money from your old 401k, ask for their form.

3. Get a check from your current/old employer (the form you filled out) and they will mail you a check made out to your new 401k provider.

4. Mail new 401k provider form + check to them

something like that...

 

[GrammatonJP]

I'm doing the same thing.. if you got over 100k, they got a guy that'll process the whole thing for ya..

https://flagship3.vanguard.com/VGApp/hn...ice/ATSAdviceRollOverAssetsContent.jsp

Linflas is correct, my current holder gave me 10 options and a direct roll has no penalty... everything else has some tax issues..

 

[DaveSimmons]

Originally posted by: Schfifty Five
1. Tell current employer you want to rollover, get a form from them
2. Set up your new 401k plan and tell them you want to deposit money from your old 401k, ask for their form. ...

Company 401k plans usually have much weaker choices of funds than a brokerage like Scottrade or a mutual fund company like Vanguard.


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