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401(k) Rollover: transferring retirement funds the right way
Changing jobs or nearing retirement? We clearly explain your options for old 401(k) accounts so you can avoid tax mistakes.
When Should You Learn About Rollovers?
If you find yourself in one of these situations:
You are about to retire and want to know how to withdraw money properly.
You have just changed jobs or left your job and still have money in your old 401(k).
You have multiple accounts in different places, making them hard to track.
You are unsure about the fees and investment options in your current account.
Four options for your old 401(k)
Each option has its pros and cons. There is no one-size-fits-all answer.
Options
Points to consider
Note
Keep current plan
No action needed, some plans have low premiums.
Investment and service options may be limited.
Roll over to a new employer's 401(k) plan
Consolidate accounts into one place.
Depends on whether the new plan accepts it.
Rollover to an IRA account
Usually offers more options and is easier to manage.
Need to compare fees, protections, and regulations.
Cash withdrawal
Get money immediately.
Taxes are usually due, and there may be a 10% penalty if you are under age 59½.
A direct rollover (money moved directly between accounts) usually helps avoid tax withholding. With an indirect rollover, the plan may withhold 20% for federal taxes, and you typically have 60 days to deposit the full amount into the new account.
How we can help
Three simple steps, no pressure.
1
Chat in Vietnamese
Understand your current situation, goals, and the accounts you have.
2
Explanation of options
Compare pros and cons in easy-to-understand language so you can decide for yourself.
3
Procedural support
Document guidance and follow-up until funds are transferred.