Anyone here work with moving IRAs/401Ks?

Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Mon Feb 29, 2016 6:09 pm

I have funds in my employer's Simple IRA that I'd like to move most of elsewhere. I don't want to take the money out, just move it to somewhere that isn't killing me with costs and makes more money.

I've had two different people tell me
A. Yes you can do this if your plan manager is OK with it. (A Vanguard consultant where I already have accounts)
B. No, I don't think you can do that. (Another investment guy that doesn't have any skin in the game for me)

Anyone in here know what the deal really is? Thanks
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.


Re: Anyone here work with moving IRAs/401Ks?

PostBy: Den034071 On: Mon Feb 29, 2016 6:17 pm

Cab check your pms .jack
Den034071
 
Hand Fed Coal Stove: Hitzer, 3095

Re: Anyone here work with moving IRAs/401Ks?

PostBy: Freddy On: Mon Feb 29, 2016 7:33 pm

You can move IRA's, but make sure it does not go through your hands or you will pay penalties. It has to be done with a trustee to trustee transfer...that is... it's wired from one bank to the other without it going through you.

One thing I just discovered a month ago...... if it's a ROTH IRA and you close it out you have to meet two requirements. You must be 59 1/2 years old, and the money has to have been in the ROTH for over 5 years. If you have done a trustee to trustee transfer, it must be in the new place for 5 years before you withdraw it or else it's a mess. Ask me, I now know. For some reason the Feds do not allow the banks to add 7 plus 3. All they see is the 3. In the end, all will be OK, but ....this is crazy!.... the Feds say I must pay tax on the entire amount because it was only 3 years in the new bank....even though it was 7 years in the first bank. AND....there is no provision to explain it come tax time. I have no choice but to not pay the "due" taxes and wait for them to do a (hopefully) through the mail audit. If I had known I would have waited 2 more years....or not have done the transfer.
Freddy
 
Stoker Coal Boiler: Axeman Anderson 130 (pea)
Hot Air Coal Stoker Stove: Reading piece o' junk in the barn (rice)
Coal Size/Type: Pea size, Superior, deep mined

Re: Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Mon Feb 29, 2016 8:13 pm

Thanks Freddy. Just remember, we're from the Government and we're here to help you. :lol:

This brought to you by the same dolts that think common core is just awesome.
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.

Re: Anyone here work with moving IRAs/401Ks?

PostBy: McGiever On: Mon Feb 29, 2016 9:22 pm

Trustee to Trustee Transfer...you never see or touch any check or monies.

Vanguard is very good at handling these even when they don't already hold the monies.
A phone call will have it all done in short order. ;)
McGiever
 
Stoker Coal Boiler: AXEMAN-ANDERSON 130 "1959"
Coal Size/Type: PEA / ANTHRACITE
Other Heating: Ground Source Heat Pump
Stove/Furnace Make: Hydro Heat /Mega Tek

Re: Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Mon Feb 29, 2016 10:06 pm

Still doesn't answer the question. Thanks though.
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.

Re: Anyone here work with moving IRAs/401Ks?

PostBy: McGiever On: Mon Feb 29, 2016 10:27 pm

cabinover wrote:Still doesn't answer the question. Thanks though.


Okay...Yes, you can do it. :)

You can ask your query to the people at Vanguard if you will call them. :idea:
McGiever
 
Stoker Coal Boiler: AXEMAN-ANDERSON 130 "1959"
Coal Size/Type: PEA / ANTHRACITE
Other Heating: Ground Source Heat Pump
Stove/Furnace Make: Hydro Heat /Mega Tek

Re: Anyone here work with moving IRAs/401Ks?

PostBy: gbru316 On: Fri Mar 04, 2016 9:29 am

OP: check with your plan manager. If it were a personal IRA, there'd be no issues but there might be limitations due to vesting and employer contributions. If in-service transfers are allowed, have the new account company (hopefully Vanguard or Fidelity, the Admiral/Spartan class funds are excellent) initiate the transfer. When I transferred my old 401(k) to Vanguard, MassMutual sent me a check (it was made out to Vanguard, this is key, under no circumstances should you take ownership of the funds) and I forwarded it to Vanguard.
gbru316
 
Hand Fed Coal Stove: Harman Mk III
Other Heating: Oil forced air


Re: Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Fri Mar 04, 2016 5:38 pm

Thanks for all the replies. It seems NYLife insurance wants to take money from me. I don't understand why, if I'm fully vested, that I only have so much of my money that I can move without incurring a sales fee. Dirty bastards anyway.
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.

Re: Anyone here work with moving IRAs/401Ks?

PostBy: gbru316 On: Sat Mar 05, 2016 9:19 am

cabinover wrote:I don't understand why, if I'm fully vested, that I only have so much of my money that I can move without incurring a sales fee. Dirty bastards anyway.


Yes, you'll find that all over the industry. The only 2 companies I trust are Vanguard and Fidelity. And advisors are generally a bad idea unless they're fee-only (that is, they only make money from you when actively working with you, not from merely "managing" your money.")
gbru316
 
Hand Fed Coal Stove: Harman Mk III
Other Heating: Oil forced air

Re: Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Sat Mar 05, 2016 4:56 pm

Learn something new everyday I guess. Vanguard has done right by us so far. Thanks for all the replies gents.
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.

Re: Anyone here work with moving IRAs/401Ks?

PostBy: CoalisCoolxWarm On: Sat Mar 05, 2016 7:42 pm

Got a corp? Single K
CoalisCoolxWarm
 
Stoker Coal Boiler: Keystoker KA-6
Hand Fed Coal Furnace: old Sears rebuilt, bituminous- offline as of winter 2014
Coal Size/Type: Anthracite Buckwheat
Other Heating: Oil Boiler

Re: Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Sat Mar 05, 2016 9:45 pm

No corp here. Just a workin class guy for a small corp.
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.

Re: Anyone here work with moving IRAs/401Ks?

PostBy: gbru316 On: Sun Mar 06, 2016 1:08 pm

For any and all retirement related questions/advice, I highly suggest this forum:

https://www.bogleheads.org/index.php
gbru316
 
Hand Fed Coal Stove: Harman Mk III
Other Heating: Oil forced air

Re: Anyone here work with moving IRAs/401Ks?

PostBy: cabinover On: Sun Mar 06, 2016 4:03 pm

Thank you
cabinover
 
Stoker Coal Boiler: Hybrid Axeman Anderson 130
Baseburners & Antiques: Sparkle #12
Coal Size/Type: Pea, Buckwheat, Nut
Other Heating: LP Hot air. WA TX for coal use.