How long after I quit a job do I have to do something with my 401k?

Question

I am leaving my current job and new job does not have a 401k, I have it through fidelity, I know I can roll into IRA and some other options but how long do I have to decide after I leave the company?

Answer 1

There is no time limit. If you like the options available to you, leave it there.

You can roll it into a regular IRA if you want to consolidate the accounts.

If you change jobs again, or your new company starts a 401K, you can do a rollover then.

PS Since your new company doesn't have a 401K, make sure you are contributing to your IRA.

Answer 2

Each individual company offering a 401(k) can set there own rules about how long you have to decide to roll the money into another plan or leave it there. An IRA, either Roth or Traditional, is ALWAYS better that leaving it in the 401(k) or rolling it into a new employers plan. The reason is simple. The options are treated exactly the same for tax purposes. Any employer sponsored plan will have no more than a couple dozen investment options. The IRA will have nearly unlimited options including every option available in the employer sponsored plan. Even if the employer plan is excellent, you can do exactly the same in and IRA, with MORE choices available.

Answer 3

There is no deadline. The best time-saving thing to do is to just move it to your new 401k when the people at your new job have you fill out their forms.

You can also rollover to an IRA anytime after you quit, but that's a hassle and you'll end-up with 2 accounts (old IRA + new 401k at new job) that you have to track and manage separately.

Answer 4

Unless the rules have been changed, you have to move it directly from where it is now to where you want it. For example; I had to not have the 401 chek at all I had to give the name of bank and it is automaticly
sent there. Call and always check. I set it up to be put in an IRA----account. bettyk

Answer 5

no dead line