How to rollover a 401k retirement plan to IRA.

[@victoryalta9170]

Thank you for this video, it helps me a lot, and now I understand better how too handle my 401k savings.

[@Jazzwealth]

Thanks for watching!

[@tagates001]

I just opened a Vanguard Rollover IRA account Friday. This morning I called my employer 401K firm. They emailed me a form which felt super intimidating. The receiving account type question threw me off. I selected IRA and the taxes question stumped me. It said if rollover was selected choose one. Do no withhold taxes or list tax witholding above 10%. I left blank. I signed it and emailed it back. Vanguard provided a letter with where to mail the check. I listed that address and said make it payable to Vanguard FBO my Rollover IRA. 🤞🏽I hope I did it correctly.

[@Admes359]

So was it right? I think it can all be done electronically.

[@ceeIoc]

What’s the difference between rolling it over to a traditional IRA and a rollover IRA?

[@peterdavila3045]

Question: Could I roll over just part of my 401K? And, can I do so before changing jobs or retiring?

[@Sideler74]

yes that's called an "in service rollover"

[@jaspersavage2653]

Thanks for very clear and basic info. Great video!

[@Jazzwealth]

Thanks for watching!

[@josephsibree9061]

Great video, simple to the point which I like. Don't know if anyone can respond to this but...have watched a few videos now and still can't find answer to my main concern. When you roll over a 401k into a trad IRA, is that money going to be just sitting there in cash or a money market account, which I believe is cash equivilant, until you invest in Mutual funds or equities. It seems that it would have to.

[@iamjungle3558]

In case you dont hear this. Thank You

[@muzammil150]

I was wondering if I could take out the funds from my 401k that I rolled into and put that amount in a traditional IRA? Please assist

[@lythuymai2855]

I'm a little confused about initial deposit/transfer. If the 401k that I'd like to transfer to an IRA is over the 5500-6500 annual maximum contribution is that okay? I'm assuming rollovers are exempt from that maximum contribution?

[@oscartorres7689]

Please explain the IRA One Rollover Per Year Rule. For example, if i just rolled over my 401k to Fidelity to a Rollover IRA and then the same week rolled it over to a ROTH IRA. Then decide the following week that I want to do invest with you guys. Can I roll my current ROTH IRA over to your company or do i have to wait a year?

[@alrocky]

Have you already found the answer to your question or do you still need an explanation?

[@c__hawk8764]

This is a great video...THANK YOU FOR SIMPLIFYING THIS PROCESS 👏

[@salmaabdulmajeed9888]

You love what you do Mr. Jazz.

[@Jazzwealth]

;)

[@neurophilosophers994]

I can’t find the rollout paper work on Voya Financial’s website was hoping for a quick tutorial. Don’t want to be on hold for hours

[@reubenbecerril3822]

Is there a time limit to transfer/ rollover your 401k if you don’t work there anymore.?

[@facehunt2]

thanks for the info!!!!

[@mary77773]

Invaluable advice! Thanks!!!

[@verynick]

Oh I won’t cash it out then. Once rolled over to my rollover IRA, can I still contribute by transfer from bank where my pay check is connected?

[@frankblangeard8865]

He mentions a 10% penalty if you don't roll over the 401K money to a new retirement account within 60 days 4:23. He doesn't mention that there is no penalty if you are 59.5 years old or older. So...he missed a little detail. No big deal.

[@Jazzwealth]

Yeah sorry! Sometimes we forget to mention the rules for those of retirement age :) I will ask Dustin to spend more time on vids for those over 59. Thanks for adding the clarity!

[@TheJsmharley]

So can the 401k be rolled into an SEP? I left a company and started my own SM LLC and want to continue contributing thru my new business

[@smittyb9418]

Awesome video my friend... question...i have a 401k with a substantial amount of money I left with my former company, the money is invested 100% in a fidelity s&p 500 index fund (fxaix), i want to rollover my 401k into a fidelity IRA rollover but my former company has told me that i would have to sell all my shares in fxaix & loss my position which would cause a taxable event... since im already in a fidelity index fund why can't I just rollover from my former company retirement into fidelity without losing my current position in fxaix... please help im confused 🤔

[@ban3499]

Dumb question , but is there a way to just rollover your 401k into Robinhood stocks ? I want to be able to take out my own $ whenever without fees or penalties and I could care less about the employer match. I’ll be more motivated if I have 100% control

[@oliviajaworek7122]

Careful rolling over entire 401k to traditional IRA. There are potentially high tax implications if you want to convert to Roth in the future. The pro rata rule might get you

[@ceeIoc]

This is only the case if you have after tax balance in your traditional IRA?

[@shrivanibabariya9686]

Thank you! This was very helpful!

[@bitknucklesup2377]

Appreciate the quick run down. I am on the fence about a few issues, considering I am still at the current employer, but want to roll over my 401k to a BTC IRA. How involved does the employer have to be in this process? Again already subbed after this video, thanks.

[@christinen4568]

Thank you! This video is helpful.

[@thelmaespinel8558]

Hi jazz thank you for the video it was very helpful, I have on question I want to roll over my 401k, but my company matched once a year on March 16, should I wait until March to do the roll over, and get the company matched . Or should I do it as soon as posible? Thank you

[@Jazzwealth]

You may not be able to rollover anything while you are still employed there

[@waihale]

can open ira account at my local credit union? and also if i have rollover to ira account . will i able to withdraw from it if i need to? thank you

[@lasalsera-x8d]

How do you choose your new IRA account? Reputation? Fund choices? Fees? There are so many out there and it's hard to choose!

[@catherinsrisongkham1904]

First of all, thank you so much for your helpful video, my question is my dad did the rollover his 401k to IRA acct, but they sent the check to him and they did put pay to his bank, but once he try to deposit into his IRA acct, they said he can't because his IRA acct got a grade period, so what should he do?

[@alrocky]

Hope you already resolved this. What do you mean by: "grade period". Did you mean 60 day grace period? Was his account from his old job a traditional 401(k) and or a Roth 401(k)? Was trying to transfer it to a traditional IRA and or a Roth IRA?

[@Sanosyenforma]

Great video, thank you!!

[@KeeplookingUP777]

So, looks like the bank offers ira savings or ira certificate. I am looking to roll mine. Just educating myself on this. Maybe the bank is a good place to do so??? or maybe a family financial advisor would be better....🤔... going to watch other vid also. 👍

[@matthewadayi8621]

Which retirement account should I put my money to grow mr jazz

[@yaca1492]

Thank you!

[@AlexG-xs7kq]

How do I cash out my 401k? if they don’t let withdrawals. Do I transfer it to a Ira or is there a better option. I have medical bills to pay. They only let u withdraw bills within last 90 days I have bills way beyond that.

[@WarwickShoreAdvisors]

Hopefully you got this worked out and most importantly, I hope the medical issue is no longer an issue. I would reach out to you plan administrator and explain the scenario. I've seen medical withdrawals for cancer treatments in the past.

[@ntnboy85]

watching this in 2021. thank you. i was missing a step in the process. hope all will go smoothly now. =P video liked. =)

[@masterfox3539]

Can I roll over from 401 k to a IRA account even if I still employed?

[@rosac8168]

Does that rule apply if you are 62 yrs old ?

[@lauradoane5889]

Hi Jazz thank you for the video I’ve been doing a lot of research lately as I’m planning on retiring in one year… I will be 60… I’ve worked for the same company for 36 years and I have vested in this large box store stock for 30 of that years so I have quite a bit in stock at this moment… Confused on what to do when I do retire, can you leave part of it in a 401(k) to keep growing?Or do companies typically have you roll all or nothing into an IRA? I’d like to draw from the IRA until it runs out and then deal with the 401(k) part in Costco company stock

[@davidt5770]

Depending on your situation, CONSIDER converting some or all of it to a Roth before you are 63 or 64.

[@KrzyUnit]

How does Jazz Wealth Managers keep up with free requests? What's the catch if he doesn't charge a dime?

[@Happyliving757]

Thank you for this video. Im a stay at home mom with 2 young kids and have a 401k at my old employer like u said up there id like to roll it over to ira vanguard account. Will you help me with that 🙏 would really appreciate it

[@tawnygreene6230]

Did you do this? I am also a SAHM and need to do something with my ok 401k I'm still not sure where I should go with it.

[@brendawright2870]

Thanks Jazz

[@ezekielzauner4245]

wow thanks for covering the exact topic i was looking for.

[@Z3lllio]

You are amazing!!! Thank you!!

[@ericliu8946]

is there any amount limit how much I can rollover from traditional 401k to traditional IRA? I need to to roll more than 10K but IRA annual limit is 6000 right?

[@alrocky]

You may *_contribute_* $6,000 to IRA. You may *_convert_* *_any_* amount from traditional 401(k) to traditional IRA.

[@Jayvetron]

Thanks!!!

[@Farq8810]

Can I roll over my 401K into a Roth IRA without leaving my job? I would like to have more stock options and make the investments on my own. Is this possible?

[@alrocky]

You can move your 401(k)s from prior jobs to an IRA. You could also open a Roth IRA and contribute $5,500 for 2018 and $6,000 for 2019.

[@lifemusicelovee]

im pretty sure, from what i've been researching, that you have to leave the employer before rolling it over. 401k is based on employer-only retirement savings and funds. that means if you are unemployed, you don't have access to 401k - only if you are employed and the employer offers it. if you have 401k and roth, that's good. i wish i would have done that. i read that you should take advantage of the 401k - but mostly because the company matches. if it doesn't match, then yo9u don't really need it - roth is the way to go.

[@deannaphillips9370]

how much money can you rollover to a IRA from your 401k

[@alrocky]

You may rollover the entire balance of your (prior employer not current) 401(k) to an IRA.

[@kshitiz06]

Can we do partial rollover? I contribute to traditional 401k as well as Roth 401k. When I leave the company, can I just roll over the Roth 401k to my Roth IRA, and leave the traditional 401k part in there as it is? I don’t want to roll traditional 401k to traditional IRA. It will mess up my Backdoor Roth IRA conversions

[@alrocky]

Typically yes.

[@77biker777]

How would a Roth 401k rollover work? Roth 401k max contribution is $18,500 but Roth IRA is only $5,500.. can you even do that?

[@Jazzwealth]

You sure can!

[@alrocky]

You can contribute only $5,500 into a Roth IRA every year but you can ROLLOVER any amount from your Roth 401(k) to your Roth IRA. If you were to retire now, Oct 2018 and had already contribute $5,500 to your Roth IRA, you can still rollover all or as much of your Roth 401(k) as you want into your Roth IRA.

[@ralphnabozny8494]

thanks

[@vinceburns6604]

Can the company wire the 401k over to the IRA?

[@Jazzwealth]

Depends on the custodian...some will do that for yoy

[@joelseptien5793]

Is this still a good idea, transferring a 401k to an IRA in 2024

[@iqhirani861]

CAN YOU HELP ME TO OPEN THE ROTH IRA ACCOUNT FOR ME ; AS I AM PLANNING TO RETIRE WITHIN AN YEAR

[@glynnisjohns]

I am having a hell of a time filling out the paperwork for transferring my former employers 401k to an Traditional IRA. And I don't want to mess it up. any pointers or videos to help me out would be appreciated. Thank you.

[@lifemusicelovee]

hi, you're very informative and explain things easily. thinking about rolling over from 401k to roth, do you have to pay taxes when rolling over? and how do i know if there are fees if i do rollover? or do i just have to call people the custodian who is holding my 401k?

[@alrocky]

Is that 401(k) from a prior or current employer and why a Roth IRA instead of a traditional IRA?

[@lifemusicelovee]

@@alrocky from my previous employer. It doesn't really say 401k tho, it just says "retirement plan". But anyways, Roth would be beneficial for me right now because I have no other retirement savings other than my current employer 401k and emergency funds. And I read that traditional ira would be beneficial if I'm older or late in savings and Im at the highest tax bracket of my life.

[@alrocky]

@@lifemusicelovee If in the highest tax bracket in your life you likely do not want to rollover your old retirement plan to a Roth IRA since it will be taxable at that highest tax bracket. There should be no fee for the rollover and if anyone wants to charge you for it, find a different IRA custodian. The preferred way to do this is to contact the new IRA custodian and ask them to perform the transaction. The premise is that current custodian is reluctant to lose your money and the new custodian wants your money. So open an IRA with a new custodian and fill out the paperwork which permits them to instruct the old custodian to transfer your 401(k) to the IRA custodian. If in a relatively low tax bracket a Roth IRA is likely a good idea but you usually want to transfer the old 401(k) first to a traditional IRA and then later ask the new IRA custodian to convert it to a Roth IRA. You might be better off if you keep it as a traditional IRA and max out a Roth IRA every year ($5,500 for 2018 & $6,000 for 2019). This gives you tax diversification; some Roth IRA and some traditional IRA.

[@lifemusicelovee]

@@alrocky hmm that's good advice. But I have yet to max on 401k too so I would think I should max on 401k, then Roth, then traditional. But my job situation will be unstable for awhile later this year so maybe I'll do what you suggest..

[@alrocky]

@@lifemusicelovee If your current 401(k) has great investment options and low fees maxing ($19,000) it out is an acceptable choice. If it has mediocre options or high fees, one typically contributes to the company match; then maxs out a Roth IRA; then back to the 401(k). The Roth IRA offer tax diversification, investment options not available in your 401(k), and doubles as an Emergency Fund (Contributions can be withdrawn with no penalty and no tax).

[@nietolkj]

I'm new to this I see on my 401k I have my money for 401k plus I have money that says activate on a rollover Ira it seems like you're saying the rollover is money from an old job that you can roll over to your new 401k am I getting this right and if I am do you have more detail on how I can do it without getting penalized I just don't want to try to do it at do something wrong

[@cuauhtliastorga7869]

I always thought it was 55 & 1/2 to start with drawing from a 401k and 60 & 1/2 to start with drawing from a Roth ira....

[@ianmetherell8884]

In English please

[@lindajones7289]

Thanks!!