Rolling Over a 401(k) to an IRA Modest Money3 Comments

With 401(k) plans becoming less and less useful, many investors are looking for other options to grow their money such as by using Betterment. One of the main drawbacks of the modern 401(k) is it’s restrictions on the types of investments you can make which are limited by the provider your employer chooses. Many people want the freedom to invest in individual stocks of their choice without the restrictions and fees that are imposed on them in their 401(k) plans. If this scenario describes you, then why not rollover your 401(k) to an IRA?

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Am I Eligible to Rollover My 401(k)?

You are eligible for a rollover when you leave your job, voluntarily or involuntarily. Some plans also offer an “In Service 401(k) Distribution,” that allows you to rollover your 401(k) while you are still working.

What Are the Steps?

Open an IRA with any financial institution of your choice that offers one. Inform your employer that you want to rollover to an IRA. Make sure your employer makes the check payable to the new investment house that you choose. This is called a trustee-to-trustee transfer, and…
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