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How do i get my money from my 401k plan since my retiring effective on September 28, 2012?

Sep 05, 2012 by soledad from North Hollywood, CA in  |  Flag
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13 votes

Congratulations on your impending retirement! Now that retirement is literally just around the corner, I think it is best for you to identify a fee-only advisor that can help you make the transition. Working with a fee-only advisor, preferably one who is a Registered Investment Advisor will ensure that your interests are at the forefront of any investment decision being made on your behalf. You can learn more about some of the questions you should ask by clicking here: http://www.fidelisim.com/home/what-we-do-for-you/ (Top five questions to ask your advisor).

Upon identifying a competent advisor, he/she will open up an account for you to facilitate an IRA rollover. This account will enable you to take distributions from your retirement savings and maintain the tax deferred status while in the IRA rollover. Please note that as long as you are over 59.5 you will not face any penalties for taking distributions from your account. If you are under 59.5, that is a completely different situation. You should be able to set up your IRA rollover so that withdrawals from your account can be directly deposited into your bank account.

Once you have set up your IRA rollover, you need to identify the person at your company that is responsible for the administration of your plan. He/she will be able to provide guidance on how to complete the distribution from your plan in the form of a direct rollover to your newly established IRA rollover. You will need the account number from your newly set up IRA rollover to facilitate this transaction. Once the money transfers, your advisor will invest the money in an investment strategy that matches your income needs and risk profile and enables you to take regular distributions.

If you have further questions, please feel free to shoot me an email. keegan@fidelisim.com

Comment   |  Flag   |  Sep 05, 2012 from Medford, OR

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Contact your plan recordkeeper. The number should be on your 401k statements. They will have the forms necessary to take out your funds which are called "Rollover" forms. Your Company Human Resource department/person will have to be involved so you may wan tto start with there. Good luck in Retirement.

Comment   |  Flag   |  Sep 06, 2012 from St Louis, MO

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