Ask Terry Questions 401k rollover at 70yrs of age. how to?

401k rollover at 70yrs of age. how to?

By Terry Savage on February 01, 2018 | Financial Planning / Retirement

I've left my 40l(k) with my employer. Now I have to take withdrawals. They want me to roll it over. How do I do that? To where?

Terry Says

Most company 40l(k) plans aren't set up to process required minimum distributions from a retirement plan.  Those 40l(k) plans are there for the purpose of accumulation.  Call Fidelity or Vanguard (1-800-Fidelity or 1-800-Vanguard) or go to their websites, and they will help you ROLL OVER your 40l(k) into an IRA rollover account.  DO NOT TAKE A CHECK FROM YOUR EMPLOYER.  That could trigger taxes immediately and end the tax-deferred growth.  These companies will handle a direct rollover from your old plan.  Then tell them you want to be VERY conservative with your investments!  They will also let you know how much you must withdraw each year to avoid penalties.

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