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How To Rollover Your 401k

Steps To Rollover Your 401k

Have you recently retired and switched jobs? Do you still have a 401k at an old employer? If this is true, then you should know your options regarding your 401k. One option is to rollover your 401k into an IRA. If you decide that is the option for you, then you need to know these 4 steps to rollover your 401k.

The 4 Steps to Rollover A 401k

  1. Contact a financial advisor who can help you with the process. Having an advisor who is able to discuss with you what the process is and how to handle it will make it less stressful.
  2. Open a rollover IRA or rollover Roth IRA account. With a financial advisor there to help, this process is easy and fast. You and the advisor will fill out some paperwork and decide what options are best for you.
  3. Initiate a Direct Rollover from your 401k plan. A direct rollover means that your 401k plan will write a check to your new rollover account. The check won't be made out to you, and it can typically be sent directly to your new account.
  4. Decide on investment managers. If you have a financial advisor, they will typically take care of this step for you. They will discuss with you what your financial objectives are to help come to a decision on what investments would be best for you.

There are also other options regarding your 401k after switching jobs or retiring. The four options you have include:

  1. Leave the money where it's at.
  2. Rollover the money into a new employer plan.
  3. Cash out the plan.
  4. Rollover the money into an IRA.

If you aren't sure what to do with your 401k, then you should reach out to your financial advisor. Working with a financial advisor can help with any confusion you might have regarding a rollover. If you don't have a financial advisor, reach out to Peter O'Brien today and see how he can help you.

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