Thinking about rolling over money 90k from a retirement account any suggestions. I'm 36.?

Answer 1

If you have separated from service, roll it into an IRA for control of your investments. You can actually take a paper check, but you only have 60 days to move it into a qualified plan. After 60 days it is taxed as income plus you will incur an early withdraw penalty. Any financial institution can handle the paperwork for you. One other option is to roll into a traditional IRA and then convert to Roth. You will create a taxable event for the year you do the conversion, but that money grows and becomes accesible tax free with no penalty.

Answer 2

Rolling over money is usually a good idea. Usually when you put it into a rollover IRA, you gain a lot more flexability about how to invest. Most company retirement accounts only have 20 or less investment choices, and you have no control over expenses.

When you roll it over, you should find a good discount brokerage or mutual fund company to do it, with low expenses. Then make sure your investments are also low cost ones. Vanguard, Fidelity and T. Rowe Price are good low cost investment houses. Vanguard especially.

Lastly, when you do a rollover, make sure it's a direct rollover where the money is transferred directly from one retirement plan to the other. You do not want the money to pass through you or a check cut to you, because then it becomes a taxable event, and you don't want to go there.

Answer 3

I've rolled a large sum of money over in 2005 in a mutual fund. Mutual funds are really good. They have a way higher interest than banks. All you have to do is investigate on different mutual funds an check and see which companies have done the best in the past 30 years. The best thing in to get a financial advisor.

Answer 4

roll it over when and only when you find better options. That may be with an IRA and it may NOT be. My own company's 401k is better than I would get with an IRA...yours may be too!

Also, keep in mind access. If the money is in an IRA you don't have the same level of access to it as you would in a 401k. And, you don't have access to it penalty free as quickly as you would if it were in a 401k.

Bottom line...sometimes it makes sense to roll it into your current employers 401k. Sometimes it makes sense to leave it with your old employer. And, sometimes it's good to roll it over. But the solution isn't the same for everyone...circumstances is what drives the decision.

Answer 5

You can only roll the money into a rollover IRA if you leave your job. If your company gives many investment choices, you can leave it in the account.

Answer 6

why would you roll it over, unless your leaving your job?