Author Topic: Retirement: 401k to IRA rollover ?'s  (Read 3152 times)

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CTENG in KS

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Retirement: 401k to IRA rollover ?'s
« on: Dec 04, 2005, 03:04:30 PM »
Well, with my job switching, I will need to roll my previous 401k into an IRA.  Anyone have any advice as to what companies have good IRA plans?
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CTENG in KS [OP]

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Re: Retirement: 401k to IRA rollover ?'s
« Reply #1 on: Dec 04, 2005, 08:32:13 PM »
Geez, nobody?
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Re: Retirement: 401k to IRA rollover ?'s
« Reply #2 on: Dec 04, 2005, 08:57:24 PM »
all I know is that Les Schwab has a good retirement program, that is all.
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Re: Retirement: 401k to IRA rollover ?'s
« Reply #3 on: Dec 05, 2005, 07:34:31 AM »
Well, with my job switching, I will need to roll my previous 401k into an IRA. Anyone have any advice as to what companies have good IRA plans?

Who was the broker that had your 401K? All the 401K plans I have seen are through an employer, but are administered by a broker like Merrill Lynch or Prudential Financial or somebody like that. A good place to start is to call that broker and see what they advise. There are lots of tax laws that need to be complied with. There are laws about mixing different kinds of funds and stuff I don't understand. They will be familiar with your current fund and can give you good advise.

The first time I left a job where I had 401K money, Merrill Lynch was the broker that was handling it. I talked to them and they rolled the money into an account with pretty much the same funds I was already invested in and continued to manage the funds for me.

About 7 years later I changed jobs again and had 401K money to move. This time the fund had been managed by Prudential Financial services. I decided I would just roll that money over into the account I already had with Merrill Lynch.  I called my broker at Merrill Lynch who handles my account and got lined out about how to move the money. I had to call Prudential and get some papers sent out so I could sing them and that was it.

The company I work for now has a 401K too, so I have that account and I have my personal IRA at Merrill Lynch. It worked out pretty simple. Merrill Lynch has always been pretty easy to deal with, the statements are easy to understand and the fund has made me very good money.
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CTENG in KS [OP]

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Re: Retirement: 401k to IRA rollover ?'s
« Reply #4 on: Dec 05, 2005, 10:19:28 AM »
I have the 401k through Merrill Lynch.  I plan on rolling over into an IRA so that the taxes are deffered.  I am just wondering if anyone knows of a good IRA out there that has been steadily growing.  As they are market based, some do better than others.
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Re: Retirement: 401k to IRA rollover ?'s
« Reply #5 on: Dec 06, 2005, 01:35:57 PM »
I do most of my 401K stuff with Charles Schwab, and have found them to be very easy to work with. I'm about to switch mine over as well, and will stay with them. I would recommend you try and find one that lets you manage your account by buying/selling funds, 'cause the ones you have them in now may not be the ones you want next year.

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Re: Retirement: 401k to IRA rollover ?'s
« Reply #6 on: Dec 06, 2005, 08:46:19 PM »
I have the 401k through Merrill Lynch. I plan on rolling over into an IRA so that the taxes are deffered. I am just wondering if anyone knows of a good IRA out there that has been steadily growing. As they are market based, some do better than others.

If you haven't talked to a broker at Merrill Lynch yet, do that and ask them all the questions you can think of. I really have no interest in such things, so I  don't pay much attention to that stuff. My account makes pretty good money and I am happy, so I let them keep doing what they do.

All I really remember about picking the funds was that the broker wanted to get a feel for how much risk I was interested in taking. Higher risk funds pay better returns, but can take bigger losses. I ended up in a moderate risk group of funds that they advised me would be good. It has worked out well for me. I lost some money a few years ago when the stock market was way down, but I made it back and over time and I have made a nice profit.  Every couple of years they like to talk to you again and make sure everything is still what you want.
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CTENG in KS [OP]

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Re: Retirement: 401k to IRA rollover ?'s
« Reply #7 on: Dec 06, 2005, 08:54:13 PM »
I am not woried about picking funds...I need to take the money out of my 401k cause I no longer work for that company.  I am going to roll the money over into an IRA.  I think I am going to go with Vanguard.
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Re: Retirement: 401k to IRA rollover ?'s
« Reply #8 on: Dec 07, 2005, 06:37:55 PM »
I've been through this 3 times in the last 6 years. As of now, I'm with Vanguard. I've devided my last 401k into three funds with the biggest portiion going to the Vanguard Wellington Fund. It's a middle of the road fund that has made me money. I won't get rich off of it but it's money in the bank and it's slowly getting bigger  :crossed:
  The folks are real helpful, the best thing to do is to call a rep and talk to them. They should be able to point you in the right direction.





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« Last Edit: Dec 07, 2005, 07:09:24 PM by toecutter »
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Re: Retirement: 401k to IRA rollover ?'s
« Reply #9 on: Dec 08, 2005, 02:29:18 AM »
I went to Edward Jones, and they seem to do me pretty good!  I rolled mine in jully 2001 and 9/11 crapped out the market!  But I'm recovering.  I just switched my mutual funds into a Vanguard fund and within a couple weeks I saw a very good turn around.  :greengrin:   When I get older I'm going to start thinking about rolling things into a ROTH.   The best thing about a ROTH is they are tax free!  :yesnod:   Show me the money!!  Best thing to do is find out what brokers you have in town and talk to them and see what they have to offer.  Most of them do free financial consultations! 
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