Rollover

[DoWhat]

I have an old 401K that I want to close, but move it to a stock fund to invest on my own.

What kind of penalties are I am looking at?

 

[Merlin99]

I have an old 401K that I want to close, but move it to a stock fund to invest on my own.

What kind of penalties are I am looking at?

How old are you?

 

[PeoplesElbow]

You can roll it over into an IRA with no penalties. If you want to roll it over to a regular non retirement account you will have to claim it as income for the current year plus a 10% penalty.

There are IRA that you can pretty much treat like a normal brokerage account.

 

[Humbled]

Google: Self directed IRA. Wikipedia has lots of info...

 

[PeoplesElbow]

This is who I use, there are atleast a half dozen good online brokerages to pick from.

https://www.sharebuilder.com/sharebuilder/retirement/individual-retirement/ira-401k-rollover.aspx

 

[DoWhat]

Google: Self directed IRA. Wikipedia has lots of info...

This is who I use, there are atleast a half dozen good online brokerages to pick from.

https://www.sharebuilder.com/sharebuilder/retirement/individual-retirement/ira-401k-rollover.aspx

Thank You.

 

[DoWhat]

How old are you?

24






x 2

 

[GWguy]

http://money.cnn.com/2014/07/18/retirement/ira-rollover/index.html?hpt=hp_t4

 

[DoWhat]

http://money.cnn.com/2014/07/18/retirement/ira-rollover/index.html?hpt=hp_t4

Thank you for posting that article.
I will read it when I get done cutting the grass.

Quick read, looks like some good info.

 

[MADPEBS1]

i've rolled over a couple to fidelity, as long as your names not on the check i think your good. You might be better rolling into a Roth, something to look into...

I like fidelity, no issue and plenty of mutuals to select from...