how do i get my 401K and what do I do with when I change jobs?

Question

I just changed jobs and don't know how to get my 401K from my former employee and what I do with it when I do get it

Answer 1

Im currently in the same situation. You have sevarl options.
1. Call the company your employer funds their 401K through, you might be able to roll it over into an IRA and not have to pay anything in taxes.
2. You cant cash it out but you will be penalized 20% income tax and then a 10% early withdrawl..and thats not counting if your state has they own state tax.
3. some employers let you keep your money in the same 401k but you can no longer contribute to it, so it just sits there until you are ready to use it. i wouldnt reccommend this.

Fortunately my employer uses Fidelity , which is highly reputable so i intend on just rolling it over into an IRA.

Answer 2

If you have web access to your 401k account, there should be a phone number you can call. Otherwise you can look up the number of the bank that it was at. If you don't remember that, you'll have to find a 401k statement or call your old work.

Once you call them you'll have a couple of options. One is to have them roll your old 401k into your new one. This may or may not be possible, depending on your old/new work and who they use.

Another option is to set up an IRA with someone like Etrade or whoever. Then your 401k company can send you a check made out to your new IRA account. Your money will go into the IRA and you can invest it in a mutual fund or whatever you like, just as you did with your 401k.

Whatever you do, do NOT let them distribute the funds directly to you. This will cost you a lot of money (in early withdrawal penalties), plus you need to keep that in your retirement fund.

Answer 3

Who manages the previous 401K? They might also manage the 401K of your new employer which would make it simple. If not you need to get the address of the 401K manager from your previous employer and tell them you want to roll it over to the 401K of you current employer. If your current employer doesn't have a 401K then you can roll it over into an IRA offered by places like Fidelity, T Rowe Price, etc.

Answer 4

If the company you have gone to work for has a 401K plan you can transfer it over to the 401K where you are working on. The best way is to go talk to your company personal officers about it as rules are different from company to company about how you transfer your 401K plan.
If the company you are working for now does not have a 401K plan you can transfer your 401K into a private pension fund at your bank. You will need to go to your bank and talk to the bank officer who hands those funds. Most large banks have them. Just ask for him or her and explain what you are wanting to do.