401k — When must I rollover after leaving company?
Im leaving my job Im 56 how much time do I have to move the money from my 401 without getting in trouble lol and what can I do with it . PS I watch you on WGN and I think your great thanks for all you do and have a good day
Terry Says
There is no rush to do anything with your 40l(k). Most companies allow you to leave it there indefinitely. But you might want to “roll it over” to an IRA Rollover account. To do that call Fidelity or Vanguard (800-FIDELITY or 800-VANGUARD) and ask them to handle it. You NEVER take a check for the money. The rollover is done directly from your company plan. Then, you have to decide how to invest the money. The reason to roll over is that you’ll have a wider choice of more conservative mutual funds in an IRA. (Company plans typically offer mostly growth funds, and you might want to get more conservative as you approach retirement.) So when you roll over, consider using a balanced fund for the majority of your account.
