{"id":13950,"date":"2022-07-05T10:19:24","date_gmt":"2022-07-05T15:19:24","guid":{"rendered":"https:\/\/www.fitbux.com\/articles\/?p=13950"},"modified":"2023-12-22T16:15:35","modified_gmt":"2023-12-22T22:15:35","slug":"401k-rollover","status":"publish","type":"post","link":"https:\/\/www.fitbux.com\/articles\/401k-rollover\/","title":{"rendered":"401(k) Rollovers: The Ultimate Guide"},"content":{"rendered":"<p>Many of us have a 401(k) which is a good thing. However, once we leave our employer we make the mistake of leaving the 401(k) with our old employer.\u00a0 Instead, you should do a 401(k) rollover.<\/p>\n<p>In this guide, you will learn about 401(k) rollovers, how to do one, and if you should rollover your money or not.\u00a0 If you are just starting your journey to understanding 401(k)s, the check out our <a href=\"https:\/\/www.fitbux.com\/articles\/401k-explanation-for-beginners\/\">beginners guide to 401(k)s<\/a>.\u00a0<\/p>\n<p>In addition, after reading this article and our beginners guide, if you still have questions, be sure to check out our <a href=\"https:\/\/www.fitbux.com\/invest\/\">investment technology and our financial management platform<\/a> whereby our Coaches are standing by waiting to answer your questions.<\/p>\n<h2 id=\"t-1655936472917\">What is a 401(k) Rollover<\/h2>\n<p>A 401k rollover is available to you once you leave your current job.\u00a0 Typically, you rollover your money into an individual retirement account (IRA) which is what we typically recommend doing.\u00a0 This is called \u201ctaking your money with you\u201d and I discuss the benefit of doing this later on in the article.<\/p>\n<p>In short, a 401k rollover simply means moving your money from one place to another because you view one location more favorably than the other.<\/p>\n<p>Note: Some companies allow you to do an in-service rollover. However, most don&#8217;t and you often times have to be older than 55.<\/p>\n<h2 id=\"t-1655936472918\">401(k) Rollover Options<\/h2>\n<p>There are for main options you have when you leave your employer:<\/p>\n<ol>\n<li>Rollover your 401(k) to a Traditional IRA<\/li>\n<li>Rollover your 401(k) and do a <a href=\"https:\/\/www.fitbux.com\/articles\/roth-ira-conversion\/\">Roth Conversion<\/a><\/li>\n<li>Rollover your old 401(k) into your new employer\u2019s 401(k) plan<\/li>\n<li>Keep your old 401(k) with your former employer<\/li>\n<li>Cash out your 401(k)<\/li>\n<\/ol>\n<p>As I mentioned earlier, you\u2019ll most likely want to rollover your 401(k) to an IRA.\u00a0 There are 3 primary reasons:<\/p>\n<ul>\n<li>Cost: 401(k)s are expensive because of management fees and custodial accounts. Typically, you will pay between 1% and 1.5% of your assets per year in a 401k.\u00a0 That means for every $10,000 you have invested, you\u2019ll pay between $100 and $150 per year.\u00a0 Even worse, the &#8216;services&#8217; you get for those fees aren&#8217;t good.<\/li>\n<li>Options: Most 401(k)s limit you what you can invest in.\u00a0 In fact, most only have between 5 and 20 investment options.\u00a0 When you do a 401(k) rollover to an IRA, you can invest in a number of options ranging from stocks to real estate.<\/li>\n<li>Keep Favorable Tax Treatment: When you rollover your 401(k) to an IRA you are eligible to keep the same tax treatment.\u00a0 Whereas if you cash it out, you\u2019ll have to pay taxes and penalties if you are under 59 years of age.<\/li>\n<\/ul>\n<h2 id=\"t-1655936472919\">401(k) Rollover To IRA<\/h2>\n<p>When you do a 401(k) rollover, you have to make sure you are rolling it to the appropriate type of account.\u00a0 If you open the wrong type of account, you may be taxed and it will cost you a lot of money.\u00a0 This is one of the primary items our <a href=\"https:\/\/www.fitbux.com\/fitbux-coach\/\">FitBUX Coaches<\/a> help our Members do, i.e. make sure the rollover is going to the right place!<\/p>\n<p>Below are the three primary choices you have.\u00a0 Most people will choose between the first two options. However, the 3<sup>rd<\/sup> option makes since in special situations.<\/p>\n<ul>\n<li>If you have a traditional 401(k) then you can open up a Traditional IRA. \u2018Traditional\u2019 means that your contributions to your 401(k) where before taxes.\u00a0 By doing a rollover to a traditional IRA, you won\u2019t have to pay any taxes until you withdraw the money out of the account.<\/li>\n<li>If you have a <a href=\"https:\/\/www.fitbux.com\/articles\/roth-401k-vs-roth-ira\/\">Roth 401(k<\/a>) you can open up a Roth IRA to roll the funds into.\u00a0 Again, doing so will keep your current tax status and you won\u2019t pay any penalties.<\/li>\n<li>Traditional 401(k) to <a href=\"https:\/\/www.fitbux.com\/articles\/roth-conversion-vs-back-door-roth-ira\/\">Roth IRA<\/a>. When you pursue this option, you will pay a tax on the amount you rollover. However, there are times where this makes since to do. However, you\u2019ll need to speak with an accountant because everyone\u2019s situation is different.<\/li>\n<\/ul>\n<h2 id=\"t-1655936472920\">Best Place To A Rollover 401(k)<\/h2>\n<p>There are many places you can rollover a 401(k) to in regards to companies.\u00a0 However, there are four general categories each of these companies fall into.<\/p>\n<ul>\n<li>RIA: RIA stands for registered investment advisor.\u00a0 They will charge you between 1% and 2% of your assets each year to manage your money. I personally do not think they are worth it. However, it is better than leaving your money in your existing 401(k) because you are most likely paying the same amount but getting zero service for the money you pay.<\/li>\n<li>Robo-Advisor: These are low cost investment company were algorithms determine your investment.\u00a0 Robo-advisors don\u2019t take into account your entire financial profile.\u00a0 Therefore, I view most as being inappropriate.<\/li>\n<li>DIY: Do-it-yourself options are the cheapest way to go. In fact, you shouldn\u2019t have to pay anything. However, you are then responsible to choosing the right allocation for your investments by yourself.\u00a0 About 30% of <a href=\"https:\/\/www.fitbux.com\">FitBUX Members<\/a> choose this option.<\/li>\n<li><a href=\"https:\/\/www.fitbux.com\/articles\/robo-advisors\/\">Hybrid Robo-Advisor<\/a>: There are multiple problems with the options above. Primary problems include costs, not looking at your complete financial profile which includes items like debt and human capital, and time you have to spend doing it.\u00a0 Hybrid solutions, such as <a href=\"https:\/\/www.fitbux.com\/invest\/\">FitBUX\u2019s investment technology<\/a>, combines Robo-advisors, artificial intelligence, and FitBUX Coaches.\u00a0 Therefore, you can invest cheaply, have technology that looks at your entire finance profile, and if you have questions there is an expert there for you to speak with.\u00a0 The cost is less than an RIA and a little bit more than a Robo-Advisor.<\/li>\n<\/ul>\n<h2 id=\"t-1655936472921\">How To Do A 401(k) Rollover To An IRA<\/h2>\n<p>If you decide to do a 401(k) rollover to an IRA, the steps you should take are listed below.\u00a0 Side Note: I&#8217;m biased but I think to make it a lot easier, you should open the account with <a href=\"https:\/\/www.fitbux.com\/invest\/\">FitBUX<\/a> and we&#8217;ll make sure you do everything correct!<\/p>\n<ol>\n<li>Figure out if you have a traditional 401(k) or a Roth 401(k)<\/li>\n<li>Decide which type of account you want to roll the money into (IRA or ROTH IRA)<\/li>\n<li>Decide where you want to roll the money to (RIA, Robo-Advisor, DIY, Hybrid like FitBUX)<\/li>\n<li>Open the IRA account<\/li>\n<li>Choose your investment allocation<\/li>\n<li>Request the 401(k) company to roll over the funds to your IRA by completing their forms<\/li>\n<li>Step 7 is different for everyone. Some 401(k) companies will send the money straight to the company you opened the rollover IRA with.\u00a0 If they do that, you just need to follow up to make sure the transaction was completed.\u00a0 Other companies will send you the check.\u00a0 If they do that, you have 60 days to send the money to the Company you opened the rollover IRA with.<\/li>\n<\/ol>\n<h2 id=\"t-1655936472922\">Rapid Fire FAQ<\/h2>\n<h3 id=\"t-1655936472923\">Is a rollover IRA the same as a 401(k)?<\/h3>\n<p>Yes from the stand point of taxes as long as it\u2019s a similar type of account. For example, if you have a traditional 401(k) and rollover the funds to a traditional IRA, then yes they are the same thing from a tax perspective.<\/p>\n<p>No from the perspective of contributions, who controls it, and investment options.\u00a0 Contribution limits are different. For example, once you leave your employer you can\u2019t contribute to the 401(k) anymore.\u00a0 Also, your former employer controls what investment options you have.\u00a0 In a rollover IRA you control it.\u00a0 Also, the cost of a rollover IRA can be significantly lower than a 401(k)<\/p>\n<h3 id=\"t-1655936472924\">Can I contribute to a rollover IRA?<\/h3>\n<p>Yes you can. However, you must comply with contribution laws.<\/p>\n<h3 id=\"t-1655936472925\">Can I rollover more than one 401(k) into the same IRA?<\/h3>\n<p>Yes, in fact this is one of the most frequent things we do at <a href=\"https:\/\/www.fitbux.com\/invest\/\">FitBUX<\/a>.\u00a0 People tend to leave their employer and do multiple rollovers into multiple accounts and it gets confusing for them.\u00a0 You absolutely can roll them all into one account so its easier for you to manage your money.\u00a0 This is part of having money complement your life and not dictate it, i.e. less for you to have to organize!<\/p>\n<h3 id=\"t-1655936472926\">Does my rollover count as an annual contribution?<\/h3>\n<p>No, you can still contribute money to your IRA the year you do the rollover up to contribution limits.<\/p>\n<h3 id=\"t-1655936472927\">What are the downsides of doing a 401(k) rollover?<\/h3>\n<p>There are two primary benefits to keeping your money in a 401(k):<\/p>\n<ul>\n<li>There are protections you receive in bankruptcy and from creditors if you leave your money in a 401(k).<\/li>\n<li>Most 401(k)s allow you to lend from your 401(k). IRAs do not have this feature.<\/li>\n<\/ul>\n<h3 id=\"t-1655936472928\">What is the difference between a rollover IRA and a ROTH IRA?<\/h3>\n<p>How the funds are taxed when they are contributed to the accounts and how they are taxed when they are withdrawn.<\/p>\n<p>Note: If you have a <a href=\"https:\/\/www.fitbux.com\/articles\/roth-conversion-vs-rollover\/\">rollover Roth<\/a> IRA then it\u2019s the same thing as a Roth IRA.<\/p>\n<h3 id=\"t-1655936472929\">Do I need to report my 401k to IRA rollover on my taxes?<\/h3>\n<p>Rollovers are exempt from taxes when you place the funds in a similar IRA account within 60 days of distribution.\u00a0 You should receive a Form 1099-R reporting the distribution that you include with your taxes so the government can keep track of it and you can keep track of past contributions.<\/p>\n<p><em>By Joseph Reinke, <\/em><a href=\"https:\/\/www.cfainstitute.org\" target=\"_blank\"><em>CFA<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many of us have a 401(k) which is a good thing. However, once we leave our employer we make the mistake of leaving the 401(k) with our old employer.\u00a0 Instead, you should do a 401(k) rollover. In this guide, you will learn about 401(k) rollovers, how to do one, and if you should rollover your [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14044,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[187],"tags":[1915,1906,196],"class_list":["post-13950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-archive","tag-guide","tag-investing","tag-investments","post-wrapper","thrv_wrapper"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>401(k) Rollovers: The Ultimate Guide - FitBUX Articles<\/title>\n<meta name=\"description\" content=\"This is a simple to read guide that answers your 401k rollover questions. 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