I just left a job because we're moving. How do I get my retirement savings into another account without withdrawing it? I do not have a new job yet, so it wont happen there. The HR person didn’t mention anything about it when I did my exit interview, and I dont even know where to being. I have not been out of school for long, so this is all new to me.
2006-09-30 06:56:13 · 6 answers · asked by BabyPaws 1 in Business & Finance ➔ Personal Finance
Since you don't have a new employer yet where do you plan to roll it over to? Most 401K's allow you to leave your money in place for a certain amount of time. Check with your previous HR rep.
2006-09-30 07:08:28 · answer #1 · answered by U can't b serious 4 · 0⤊ 1⤋
Talk to the financial institution that holds your 401(k). They'll have the answer for you. Usually they will write up all the necessary paperwork to have the funds released to a new institution. Then you just need to pick the IRA you want from the institution you want -- and the company that manages your 401(k) probably has a program through which you can roll your funds into one of their IRAs with a minimum of fuss.
If your financial institution has a Web site from which you used to monitor or administer your 401(k), start there -- they may have the answer for you, and if not, you'll find out where to ask for advice.
And congratulations on starting a 401(k) early -- it's the single best thing you can do financially for your future!
2006-09-30 15:48:08 · answer #2 · answered by Scott F 5 · 1⤊ 0⤋
There's a short time where your employer won't release the funds, for me it was 2 pay periods later.
Go to a bank and get the paperwork to fill out to rollover to an IRA in case you don't get a job to rollover to.
Frankly, rolling over to an IRA instead of to my new employer was a blessing. The only time you can touch a 401K (besides taking loans which is not a good thing) is when you leave your employer. If you put it into an IRA that money is accessible to you whereas another 401K means your money is out of reach until you leave the employer or retire.
Best wishes,
pup
2006-09-30 14:04:21 · answer #3 · answered by . 6 · 0⤊ 0⤋
the investment company it's with will hold it indefinitely because they are making money off of it. when you are ready to place it into another 401(k) or an IRA, you will have to withdraw it but you have a grace period to deposit it without penalties. Hope that helps.
2006-09-30 14:04:44 · answer #4 · answered by dbackbarb 4 · 0⤊ 0⤋
Just let them know that you dont want to take anything from roll it over and if you are changing jobs then you need to inform them that you want this rolled over.
2006-09-30 14:04:27 · answer #5 · answered by Barry G 5 · 0⤊ 0⤋
check out www.investucan.com.......site is very helpful and supportive...call her or email
2006-10-02 20:55:50 · answer #6 · answered by brat 1 · 0⤊ 0⤋