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Move Your 401(k) to Your New Employer

Transcript: Move Your 401(k) to Your New Employer

Hi. As you can guess, I’m into computers. In fact, I am what you call an I-T professional and when you can make a processor go from zero to “whoa!” you’re in pretty high demand in the job market. I’ve moved through several companies in my career, and I’ve discovered that, for "moi", moving my 401(k) from employer to employer works best.

When you move your 401(k) to your new employer:

  • Your money retains its tax advantaged growth potential
  • You can take distributions from your new plan and avoid a 10% IRS penalty if you are 55 or older
  • Also, you can manage your money in one place

When I start at a new company, I hit the ground running, so rolling the 401(k) from my old company to the new one is pretty quick and painless. My assets keep chugging along in what the numbers guys call a “tax-deferred status.”

I’ve found that my new 401(k) had investment choices similar to my old plan, so rolling to my new 401(k) worked for me.

My retirement goals keep “downloading” with the tax-advantaged benefits and I can manage my money all in one place.

And retirement programs are like computer programs – they both have some pros and cons. You should check out all of your options.

  • Keep in mind that your new employer may not allow you to move your 401(k) there
  • The investment and distribution options include only those in the new plan
  • Also, you can roll only plan assets that your new employer allows

Sometimes a new company plan won’t give you as many choices or accept all your current investments. So, you want to do your homework and talk to someone at Wells Fargo. You’ll get the education you need to choose the right direction for your retirement savings.