Changing Jobs 401k to IRA Question

[embdriver]

I am changing airlines and want to take my 401k and roll it over into a self directed IRA. Does anyone on here have experience with this or an omni asset IRA? I like the strategies in ED Slott's books.
Thanks!

 

[spitfire1500]

I am changing airlines and want to take my 401k and roll it over into a self directed IRA. Does anyone on here have experience with this or an omni asset IRA? I like the strategies in ED Slott's books.
Thanks!

Went into my bank when changing airlines gave them my 401 K info they took it from there and after 2 years I've left it in the IRA.

 

[Soverytired]

Call Fidelity or Vanguard and they'll walk you through it. They're both great companies, have numerous no-load funds, low fee's, and a billion choices if you really want to try and time the market (not recommended)

You can't go wrong with either one. Don't wait forever though . . . just take 20 minutes and get it done. Sooner the better.

 

[embdriver]

Thanks for the info guys. I'm looking for info on Self Directed IRA's though. They have many more investment options. Anyone who has info on custodians for self directed iras's would be appreciated.

 

[Fly-n-hi]

Thanks for the info guys. I'm looking for info on Self Directed IRA's though. They have many more investment options. Anyone who has info on custodians for self directed iras's would be appreciated.

Honestly, I would talk to someone at Fidelity, Charles Schwab, or any other professional investment institution. Those people are paid to know how to invest. You're going to get alot of wierd answers on the site.

 

[UALjan15]

Thanks for the info guys. I'm looking for info on Self Directed IRA's though. They have many more investment options. Anyone who has info on custodians for self directed iras's would be appreciated.

A buddy of mine is in the process of rolling an assortment of 401Ks and individual IRAs into an LLC that he will use to self direct investments. Investment options will be pretty much unlimited, I think. I will try to get the name of the firm that is helping him out, but I don't know it off the top of my head.

 

[igneousy2]

If you just contact just about any IRA custodian they will take down your information and handle everything short of signing for you.

IRA custodians seem to specialize somewhat so depending on what type of investing you are planning to do would determine which custodian I would pick. Depending on the type of investment you are planning on it is possible for the custodian to screw it up (especially real estate) and leave you with a tax bill so I would not just take the cheapest fly by night outfit I came across on the internet. I would also be careful if the outfit didn't routinely handle the type of investment I was interested in.

I have also found that it is still good to have an "ordinary" IRA at a traditional custodian (fidelity, schwab, etrade, etc.) since the fees in these accounts are transaction based. As opposed to other IRA custodians that usually charge you a percentage of your total assets every year.

 

[i'mbatman]

I'm in the process of rolling my 401K right now as well. I'm using Fidelity and am very pleased with the ease and customer service.

 

[ualdriver]

I am changing airlines and want to take my 401k and roll it over into a self directed IRA. Does anyone on here have experience with this or an omni asset IRA? I like the strategies in ED Slott's books.
Thanks!

Whatever you decide to do, remember that if you don't do a "trustee to trustee" (i.e. a direct tranfer from the 401K trustee to another 401K trustee or a transfer direct to an IRA) and the 401K money is sent directly to you, that you have 60 days to move the money yourself or the IRS will assume that you have taken an early withdrawl. If you're under the age of 59 1/2 you'll then owe taxes on your gains AND a 10% penalty.

 

[indianboy7]

I have a fidelity IRA which gets my 401k money whenever I change jobs. They have a staggering amount of fund and stock choices. The best part of it is the ease of transactions and the fact that you can walk into one of their offices and have an advisor help allocate your funds for no charge.

 

[Benhuntn]

Try getting some guidance from this website.
Ricedelman.com. I have read every book he has written and he is smart about how to save for your retirement. I would suggest you at least check him out.