Have two 401k accounts--old employer and new employer. What are my options?

Question

I have recently changed jobs. I have a 401k account with my old employer, and now have another with my new employer. I would like to roll-over the money from my old IRA account to a traditional IRA. Can I do this without penalty while still contributing to my new 401K account?

Answer 1

Yes, you can easily rollover the 401k from your previous employer into a traditional IRA account. Contact the mutual fund or brokerage company where you want to money to GO TO and they will provide the appropriate paperwork for you, and handle the transaction. You must also contact the HR department where you used to work, and complete any forms that they require for transfer of the 401K

Answer 2

It depends on the employer. Some require that their 401(k) accounts of former employees be transferred out, which means you'll have to roll it over into an IRA. Others will allows you to continue to keep it, but not contribute to it anymore.

You can consolidate IRA accounts wthout a penalty because the money is still in an IRA. In order to dod this, you'll have to do a direct transfer from one account into another.

As far as your new 401(k) is concerned, it's totally separate. You cannot combine any other accounts with this one, so the only issue is what to do with your old 401(k).

I for example left my old 401(k) alone because my former employer allowed me to keep it on their end, and it's been performing very well so there's no reason to switch it. But if I wanted to, I could.

Answer 3

talk to representative that handles your new 401k account, they should have better answer for you. They might have programs in their company that can transfer the fund without penalty.

Answer 4

if there two different accounts you can transfer your old account to your new account.but if there the same conpany combine them together.