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What are your OPTIONS when dealing with former 401k plans?
- You can move/rollover, all or PART, of your 401k into a rollover IRA account.
- You can move/rollover, all or PART, of your 401k into your next employer’s 401k or retirement plan.
- You can move/rollover, all or PART, of your 401k into a Roth IRA if you are in an income bracket that willbe able to let you do so.
- You can leave the funds with your past employer’s plan.
- You can do any of the above while taking a full or partial distribution from your plan. Please keep in mind that this will trigger a taxable event of your income tax bracket, plus a 10% early withdrawal penalty on the amount that is taken.
NOTE: Most 401k plan administrators do NOT allow partial rollovers. It’s all or nothing in most cases. However, if you want to move your retirement money into more than one place, please contact a qualified advisor to assist you with this transaction.
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