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Asked 4/24/2007
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Information on 401K rollover? I just found out that I have funds in my 401K from my former employer that I need to either roll into a new plan or cash out. I'd prefer to rollover but, my current employer doesn't offer 401K. Can you direct me to an informative resource so that I can make an educated decision on what to do? |
Answer 1/5 - Submitted 4/24/2007
Answer 2/5 - Submitted 4/24/2007
Answer 3/5 - Submitted 4/24/2007
You can roll it into a Roth or traditional IRA. Call Vanguard and they can do it. Do not get the funds directly sent to you or they will have to take out tax. You went them to send the funds directly to the new plan.
Answer 4/5 - Submitted 4/24/2007
You can either rollover into a traditional IRA (where you would not have to pay taxes until you withdraw at the designated age without penalty). Or, you could roll it over into a ROTH IRA where you would be taxed 30 percent but then the money would grow tax free until you're eligible for withdrawal. My recommendation is to put it into the traditional then start a ROTH IRA on the side to increase your savings and, thereby, earnings.
Answer 5/5 - Submitted 4/24/2007
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