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Rollover 401(k): The right way to transfer retirement funds
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 wisely.
You have just changed jobs or retired and still have money in your old 401(k).
You have multiple accounts in various places, making them difficult to track.
You are not sure 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.
Switch to a new employer's 401(k) plan
Consolidate accounts into one place.
Subject to acceptance by the new plan.
Rollover to an IRA account
Usually has more options and is easier to manage.
Need to compare fees, protections, and rules.
Cash withdrawal
Get money immediately.
Usually taxable, and may be subject to a 10% penalty if under age 59½.
A direct rollover (funds transferred directly between two 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 accompany you
Three simple steps, no pressure.
1
Chat in Vietnamese
Understand your situation, goals, and the accounts you currently have.
2
Explaining the options
Comparing pros and cons in easy-to-understand language so you can make your own decision.
3
Administrative support
Document guidance and tracking until funds are transferred.