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Finance For Dummies

Finance For Dummies offers personal finance information on investing, retirement investing, finance, insurance, credit cards, loans and more. Personal finance education is our goal.

Sunday, April 30, 2006

How to Do an IRA Rollover

  • Never have your old employer send you your 401k money directly for you to roll over
  • Always open an IRA account somewhere(discount brokerage house preferably) and have them contact your old employer and your old employer sends your 401k money directly to your discount brokerage house (e.g. TD Ameritrade,, or Muriel Siebert)
  • If you do not do this you will lose 20% of that 401k money to withholding and pay and extra 10% penalty for early withdrawal (if you are not of age to withdrawal).


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