Does your current employer have a 401k? If they do and they accept rollovers, you could move it there.My former employer has been bought out by another company and is terminating my old 401k with the bulk of my retirement money. I have 90 days from 12/31 to roll it over.
Few months back I had opened a Roth IRA (ETrade) so I could contribute to my retirement in another way.
Looking at the rollover process there is mention of withholding 20% of my retirement amount, what the hec?
Is there a way to avoid this? Should I open a Traditional IRA and roll into that?
Etrade has something called a "Rollover IRA" will that avoid me being taxed?
Not sure what the best thing to do here is, not sure what kind of tax bracket I'll be in when I retire between SS, my Pension and me and my wife's retirement account.
Thanks in advance for your time and help!
Otherwise, move it to an IRA. With a custodian-to-custodian transfer to an IRA, you won't need to have them withhold anything. Basically, if that's handled electronically or if you get a check payable to "Your brokerage FBO cbaur88", you avoid the withholding issue.
Statistics: Posted by exodusNH — Thu Dec 19, 2024 12:41 pm — Replies 2 — Views 57