Did You Change Jobs that Offered a 401k?

Whenever you leave a job that had a 401k benefit — whether you retired, quit or were fired — you have a decision to make about your 401k plan. The IRS allows you to make a tax-free 401k rollover into another employer-qualified retirement plan or into an Individual Retirement Account (IRA.) Typically, most people will initiate a 401k rollover to a Traditional or Roth IRA. The 401k rollover to IRA, sometimes called a 401k IRA rollover or 401k to Rollover IRA, is a common move people make when they leave their job.

The process begins with your previous employer. They will have paperwork for you to complete that will authorize them to transfer the account. Typically, they need to know the name of the institution that you are transferring the funds to, your IRA account number at that institution and where to send the check. Often, the spouse's notarized signature is also required as is a letter from the receiving institution consenting to accept the funds. Each form is different but we would be happy to look it over and help fill in the blanks! 

For more details, visit our How to Do a 401k Rollover to IRA or simply call us at 765-732-3022.