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10/20/2017 1:01:18 AM
9/22/2017 12:11:25 AM
Posted: 9/5/2005 9:01:38 AM EDT
My wife's job was recently moved out of the area and her 401K will likely need to be moved. It's only about 6K and we have another from a previous employer that is more.

Would it be advisable to consolidate the two and/or move them to simplify matters? We've been informed we'd have to roll it into a traditional IRA.

Recommendations, hints, leads... would be most appreciated.
Link Posted: 9/5/2005 6:13:40 PM EDT
WetDog:

I'm in the same boat, I just changed jobs. I was going to leave my 401k in my previous employer's program but I was watching Suze Orman Friday night and she said a better idea is to do the rollover IRA and ( I missed the details, bear with me) put the cash into a Schwab/Fidelity/eTrade type mutual fund. Apparently you can do this without a tax penalty. Sorry I don't know any more, I was going to look into it this week.

The biggest reason for me to do this is b/c Schwab/Fidelity/eTrade have much better options to choose from than my last emplyer's does.
Link Posted: 9/5/2005 8:52:07 PM EDT
Hartman,
Thanks, that's a good place for me to start looking.
Link Posted: 9/6/2005 12:51:10 AM EDT
[Last Edit: 9/6/2005 12:53:39 AM EDT by glck32]
As long as the 401k is not put in your name and you just initiate the roll over , there should be no tax consequences. Receive any money from it and you lose close to 50 %. Check out www.fundalarm.com updated the first of the month with a wealth of info.
Link Posted: 9/7/2005 7:14:05 PM EDT
If you want to transfer money from a 401(k) to another account without paying tax & penalties you need to do a Trustee-to-Trustee Rollover.

1) Find a reputable low cost company (like Vanguard).
2) Ask them for the forms for the rollover.
3) Fill out the forms & pay no tax on the transfer.
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