No. of Recommendations: 0
miamiphantom3 wrote:
I`ve got to do something with my 401k. It has to be done soon, whatever it is.

I just wanted to add one point to the excellent responses already posted:

If you do a "direct rollover" from your 401(k) to an IRA, you may still physically receive the rollover check in the mail, but it will be made out to your new IRA administrator, with the words "For the benefit of Miamiphantom3" on the check. This wording is critical to avoiding tax problems later. This check will be for the full amount (ie, no 20% withholding). You then send this check to your new IRA administrator to be deposited in your IRA.

Sometimes, the 401(k) administrator will send this check directly to the new IRA administrator, and you never see it.

Print the post  


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!
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.