Feb 11, 2019
Do you have retirement plans from multiple companies? Are you
ready to consolidate them? The 401K brothers take us through the
simple steps to consolidate your 401K accounts.
- 1:00 - 401K Retirement Plan rollovers
- 2:30 - The first step is to reach out to your old
employer and request the 401K rollover forms from them
- 3:02 - The check must be made out to the new holder of your
401K stating that it is for benefit of you. This is the most common
way: a direct rollover.
- 4:00 - On an indirect rollover, where the check is made out to
the participant only, you will be deducted 20% tax from the amount
- 6:05 - Make sure to always update your beneficiaries on all of
- 7:30 - Reach out to your financial advisor to figure out what
kind of rollovers are best for you
3 Key Points:
- It isn’t difficult to have many 401K accounts with several
- To consolidate your accounts, you can request a form from your
old employer to start rolling over your account.
- Make sure the check is made out to the next institution that
will be holding the money otherwise you will have to pay
- “Folks have a lot of
tombstones from their old workplaces with their 401K plans”
- “Reasons to rollover is to
- “Check with your new
Securities and advisory services offered through Cetera
Advisors LLC, member FINRA/SIPC, a Broker/Dealer and Registered
Investment Advisor. Cetera is under separate ownership from
any other named entity.