rolling a 401K into a IRA

[GMN]

Has anyone ever done this, and where are some good places to open an IRA account?

Thanks

GMN

 

[cypressfarms]

I just did this, our company quit offering 401k so I rolled into a Roth IRA. PM me if you want, I can give you some details.

 

[backhoeboogie]

Check Fidelity. My current 401K is set up with them and they offer a variety of services.

There are a host of banks out there willing to help. I took a "buy out" from an Engineering firm on a vested retirement a few years back. The requirement then, for that scenario, was to have an IRA account set up before the money could be transferred. I went to the bank, they understood all the legalities, why I needed the help, set it up for me, and was glad to have my business. The old 401K as well as the vested retirement agreement amount were transferred into IRA CDs with ease. I was offered a host of other options but elected to just go with the CDs at election time. Good thing!

 

[Douglas]

Check Fidelity. My current 401K is set up with them and they offer a variety of services.

There are a host of banks out there willing to help. I took a "buy out" from an Engineering firm on a vested retirement a few years back. The requirement then, for that scenario, was to have an IRA account set up before the money could be transferred. I went to the bank, they understood all the legalities, why I needed the help, set it up for me, and was glad to have my business. The old 401K as well as the vested retirement agreement amount were transferred into IRA CDs with ease. I was offered a host of other options but elected to just go with the CDs at election time. Good thing!

I agree with Fidelity. I rolled mine into a self directed account which allowed me to purchase individual stock, mutual funds, index funds etc. Trades cost less than $10. Fidelity is also big enough that in a market crisis they can still execute trades unlike some discount on line brokers. Everything can be done online.

 

[Son of Butch]

An old thread, but I just read a report pointing out returns from IRAs rolled over from 401ks out perform the 401k (employer match not included)
The reason might be because IRAs offer more investment options.
But it could also partly be that people who take action by doing the rollover are also people who are more interested in taking responsibility for their own finances.

 

[Brute 23]

I just did it also. When I left my company I rolled my 401K over to an IRA with Fidelity.

 

[bhooper]

What kind of fees does Fidelity have on their IRA? Any account fees or trading fees?

 

[Caustic Burno]

I did it back several years ago with Edward Jones.
All the companies have the same type products by law.
Your looking for the best fit to work with IMP

 

[bird dog]

Fidelity, Vanguard or Ameritrade/Schwab are all good choices. If you are going to use funds, go with the first two. If you are going to pick individual stocks or ETF's use the latter.
Ameritrade has very good research amd Schawb has some very good ETF's. These two companies have merged but they are still run separately. Fees are reasonable on all of these.

 

[tom4018]

I did a few over the years. Ended up going to a local guy that suggested American funds. My account is 4x it's opening balance in about 17 years if I recall correctly. Nothing has been added to it since it was a rollover. I have been real pleased with it's performance.

 

[Son of Butch]

Vanguard's 4 principles for investing success.
1. Goals - create clear, appropriate investment goals
2. Balance - use suitable asset allocation using broadly diversified funds
3. Cost - minimize costs
4. Discipline - maintain discipline and long term perspective

 

[Brute 23]

I like Fidelity for the simplicity. For a passive investor like myself who might by here and there but mostly will be investing regularly and monitoring it's perfect. Some of the other are a bit more complicated but are designed for more buying and selling.

If you have any questions about how to do some thing the best thing to do is call Fidelity. Their service is great and they will walk you through it step by step.

 

[bbirder]

Fidelity is good but I think Vanguard is better. Although I still have a long standing acct with Schwab, I work my Vanguard better. They are the only two I would allow one of their brokers to assist me because they are not paid commissions. My schwab acct is 40 yrs old and I have never used a broker. Most of them are just hi priced salesmen. If you are not stock savvy talk to Vanguard or Fidelity. They will help you make the transition without touching the funds. That is very important for tax reasons.

 

[simme]

Rollovers need to be direct from financial company to financial company. The money or funds should be directly transferred. Do not "cash-out" an account and then go somewhere to put it in the new account. There will be a big lesson to learn if that happens.