2007-12-20 10:10:55 · 3 answers · asked by Joy 1 in Business & Finance ➔ Investing
You cannot take 401(k) funds and move them unless you are 59.5 or you leave you job, but if and when you DO leave, you can "roll over" those tax-deferred funds into an IRA (Individual Retirement Account) with any broker, including eTrade, if you so wish. You have to be VERY careful how you do this, though, because if the funds are EVER in "your" possession rather than inside a deferred account, taxes & penalties amounting to close to half the value become due to the IRS instantly. Don't risk this with someone who does not know EXACTLY what they are doing!
2007-12-20 10:21:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Yes, if you are no longer with the company. If you still are working there, then check with the company 401k administrator.
What you do is open a "traditional IRA" (designating it as a rollover), then rollover your 401k into that IRA.
2007-12-20 10:17:46 · answer #2 · answered by The_Spaceman 3 · 0⤊ 0⤋
only if you are leaving your job or are retirement age.
2007-12-20 14:35:01 · answer #3 · answered by njyogibear 7 · 0⤊ 0⤋