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IRA rollover
originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If you notice an error or are in doubt, please send a new question by
email or ask for an update. Email asktony@tonynovak.com.
Q: Can I have my bank handle my
401(k) rollover when I leave my job?
A: You could, but that would be a
mistake because this is your most expensive option. Banks use high
commission annuities and mutual funds as the primary investments in
IRAs. You could save hundreds, maybe thousands of dollars, by using "no
load" investments. Also, a bank's investments may impose a penalty for
early withdrawal of those funds if you want to use some of the money in
the near future. OnlineAdviser can handle this transaction for a flat
fee of $150 and avoid all of these problems.
Summary
More resources:
www.irarolloveradviser.com
