Skip to main content
No. of Recommendations: 1
I am thinking of taking a 401k (don't work there anymore) and putting it into an IRA. I've heard you can have the 401k company do a trustee to trustee transfer (rollover), but that it takes awhile to get them to do it. I also heard that in order to make things happen faster, you can also have the 401k plan send you the proceeds in a check and you have 60 days to deposit it into the newly created IRA. Is that correct?

It all depends. When I retired I requested Vanguard's conversion "kit" which was a booklet of forms (rather complicated) necessary for Vanguard to contact my 401k and "collect" the monies in my account. Estimated time to complete, several hours.

As it turned out my 401K had a one-page form asking for my SS#. reason for withdrawal, retirement date and signature, company and account # to which monies were to be transferred. Time to complet: about 3 minutes. Within 2 weeks the money was in my Vanguard account. (Note: Vanguard wanted to know how much money to expect and when. Flawless and easy transfer just a few months before the economy tanked.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.