How to roll 401k Into Ira
How to rollover a 401k retirement plan to IRA.
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ok today we're talking about the 401k
rollover process how does it all work
and do you need a guy or can you do it
yourself ok so here's the deal you maybe
have left your job or where you've
started a new job and you're going what
can I do with this 401k well you have a
lot of choices actually you've got about
4 really good not good you have 4
choices I won't say they're all good and
we just did a video on what those four
choices are you can cash them out you
can roll it over to a new 401k you could
do nothing you can leave it at your old
employer and just let it sit there or
you can roll it over to an IRA the first
three if you want to know more about
that go take a look at our YouTube
channel under the playlist 401k
investing we just did a great video
where we describe each step what the
pros and cons of each choice is and so
if you're thinking oh I want to cash it
out or I want to roll it to a new 401k
well then your answers will be in that
video and thank you so much for watching
but you want to know how to roll it over
so I'm assuming you're watching today
because you either want to roll it over
to your company's new 401k the new
company you're working at or you want to
roll it over to an IRA which is probably
the most popular choice most people do
leave a company and say I want control
over my investments and so I want to
move it to an IRA let's talk about that
first thing you're going to have this
401k at your old company and they will
communicate with you they're not just
gonna say oh you don't work here anymore
don't talk to us it's very very simple
what I want you to do is keep an eye out
for the people that say it's too
complicated you've gotta use us you've
got to help us you know make some money
off of you it's not that hard right when
you leave a job chances are you're gonna
get bombarded with people that say we'll
roll over the 401k for you they may even
say they're gonna charge you something
but it's a low fee and its competitive
blah blah blah no the truth is it's
really really simple if you're willing
to just do a little paperwork and
electronic paperwork most of the
time it's really simple all you have to
do is first start by opening a new IRA
if that's what you choose if you decide
you want to do a Roth IRA or something
different then you're gonna open that
account choose a brokerage firm that
you're happy with or if you just want a
guy to do it for you and not charge you
a penny then I will do it for you and
help you decide which ones which
retirement account you want to choose
opening the accounts should be really
simple no matter where you're at they've
most brokerage firms have switched to
electronic applications just prove you
are who you say you are and you'll have
that new retirement account open ok the
next step is moving the money from 401k
to your new retirement account now this
is actually pretty simple too but
unfortunately you still may have to make
a phone call the 401k provider is not
just going to accept the new brokerage
firms request to take your money right
they're not just gonna say oh okay sure
yeah send it over here they're gonna
actually probably ask that you call in
and just say hey that's me I'm asking
for my money to be moved
no problem they'll take care of it now
sometimes you can go on your website
from your old 401k and just look around
on that homepage and it'll say something
like make a withdrawal make a transfer
and if that's the case then you may not
even have to call in you could just say
make a withdraw and it'll ask you are
you cashing out are you rolling over
what are you doing if you select the
rollover choice it'll just ask for your
new account number remember that new
account you just opened a minute ago put
in the new account number and they'll
actually take care of the transfer
process for you now sometimes they're
gonna want to send an actual physical
check if you can have the company send
the check directly to your new brokerage
account do not let them send you the
check you've got a 401k balance and if
they cash that thing out and they send
you the check you could be on the hook
for tons of taxes here's the rule don't
forget this grab a pen do something make
a little thing over my head let's like
make this really serious here the IRS
says if for some reason you rollover
your 401k to an IRA and the 401 K
company sends you
a check you have 60 days to take that
money and put it in your new retirement
account or 10% penalty plus all that
money gets counted as income on your
taxes you have 60 days now I know 60
days is a lot but things happen a
hurricane just went through Texas it
could be 60 days before someone is able
to get this figured out and get their
life on track you know all that stuff so
if you can have the 401k provider take
the check if they must send a check send
it directly to your new retirement
account they'll do it for you that way
you don't get in any trouble all right
well I hope this helps not really that
complicated right the bottom line is you
should never pay anybody to do this for
you and hopefully you'll consider a guy
to do it for you and won't charge you a
dime I don't know you've seen some
videos you like what you see yeah you
know what anyways do me a favor check
out some of our other videos on YouTube
if you would go to our Facebook page
maybe our Twitter page check it out we
have some blogs we've got all kinds of
good stuff going on and there's a little
bit different information in each one
that kind of caters to our audience
there so if you're a facebook person
head over to jazz wealth on Facebook and
hit the like button please I would
appreciate that so much lets us know
you're there and that's it I really have
nothing else to say mmm
yeah I think we're good
