The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: "Workforce imbalance correction"||Date: 8/5/1998 11:01 AM|
|Author: gilvid||Number: 4872 of 77093|
Due to a recent "workforce imbalance correction", my wife is unemployed. Her former employer
sponsored a 401k through Prudential. Subsequent to her layoff, this 401k was transferred to
Fidelity. I am wondering how to disengage from this 401k without facing tax liabilities. As a new
visitor to Fool-land, I would like to begin controling the future direction of our investments. Is it
possible to transfer the 401k to some sort of tax-exempt brokerage account? Is there an accepted
vehicle for this concept? Is there another message board or source for this sort of information?
My previous employer had my 401 managed by Fidelity, when I left I just rolled it over to a Fidelity IRA acct. It was easy and painless.
Stayed with Fidelity because I thought since they already managed my account there would be less chance of a problem.
Call them and tell them what you want to do and have them get the forms in mail even if you don't use them. You can make online trades with them for $19.95, may be even less.
Make sure you tell them you don't want any tax penalties. (See Pixies message) They'll know what to do they do it all the time.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|