Consolidating 401k ira Mobile sex chatt 2013
In order to combine separate 401(k) accounts, the investor must currently be enrolled in one, either through her employer or by holding a self-employed 401(k).Because 401(k)s are workplace plans, you can't make new contributions, including rollovers, to an old 401(k).
OP asks "how" and specifies that they do not prefer the plan offered by their current company. Many employers will not let you transfer money out of your 401(k) while you're still a current employee, though, so you may be stuck with the 401(k) used by your current company until you leave.
You'll have to check with your 401(k) administrator to be sure.
I would start by talking to the IRA trustee they are likely to have seen it all, and can guide you through the process. Some rollover IRA trustees pass fees onto their participants. I've done several direct rollovers from 401(k) to IRA - and once I was charged a $50 fee (by the 401(k) company).
I like this answer the best as it is the most complete. To the contrary some IRA trustees will manage your account for free and even give rebates in the form of free trades or actual cash. The "physical" procedures vary - a couple of times I never saw the check, once I got a check made out to the destination fund company (with my account number on it), and once I got a check to me and I sent my own check to the destination fund company (I think at that one I had been in the 401(k) less than a year and that made a difference)[email protected] B, this is indeed an excellent summary, but does not answer the OP's question directly as I read it. You can roll all of your former company 401(k)'s into a single IRA, managed by whatever company you like.
The self-employed and others might only be able to roll over their 401(k)s into Individual Retirement Accounts, or IRAs.
In most cases, there is no penalty for keeping an old 401(k).But now I can buy ETF's, stock or mutual funds.Hence I can do whatever I want with my investments. Warning: rollover from one 401k to another may reset the clock on the "Rule of 55". If you think you may want to take early retirement, you need to understand how this works.I rolled over two 401k's into an IRA at a discount brokerage house.I did direct rollovers, so I never touched the money.Some 401(k) plans let owners take loans from the account, sometimes including the funds that were added through a rollover -- an option that isn't available if you roll over into an IRA instead.