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401(k) Rollover: A Quick Guide For Beginners

May 25, 2020 Laura

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When you change jobs there are quite a few loose ends that need to be tied up. One of the most important tasks is handling your 401(k) from your previous employer. There are a few different options but oftentimes a 401(k) rollover is the best choice.

What’s a 401(k)?

A 401(k) is a retirement plan that many companies offer their employees. Employees can contribute to it by having a certain amount of money withheld from their payroll. Employers often match that amount up to a certain percentage. Account contributions are all pre-tax and the respective gains are tax-deferred meaning the only time it is taxed is upon withdrawal. And for these reasons, a 401(k) is a very desirable retirement option.

What’s an IRA?

An IRA is an Individual Retirement Account. There are 4 different types but they’re all tax advantaged, making them similar to a 401(k). Each is slightly different and whichever one you choose would be dependent upon your current employment situation and your retirement needs. One of the biggest benefits to investing in any type of IRA is in the diversity of assets that can be included in it. Stocks, bonds, mutual funds and other types of assets are all available to earn for you.

What’s a 401(k) Rollover?

A 401(k) rollover is simply the transference of money from a 401(k) account into another retirement account. The type of account your money rolls over into is all dependent on your new employer, but there are three main types: Direct Rollover, Trustee Transfer, and Indirect Rollover. Each type has slight differences, and there is no one best way to transfer. A 401(k) rollover is about putting your money in the best situation to work the hardest for you.

Speak with your Orlando fiduciary advisor, as this is just a basic introduction and they can provide a lot more information about 401(k) rollovers. Utilize this resource as a starting block and consult your advisor in order to plan a strategy and configure a rollover that best suits your current financial situation.

 

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Hi! I’m Laura and here at The Task Lab we are all about organization, productivity, technology and budgeting. We want to provide you with tools to enhance your daily life, with as little effort as possible. A lot of this has to do with building new habits, which we will talk about a lot.

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Hi! I’m Laura and here at The Task Lab we are all about organization, productivity, technology and budgeting. We want to provide you with tools to enhance your daily life, with as little effort as possible. A lot of this has to do with building new habits, which we will talk about a lot. Read More…

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