have you rolled over a 401k plan?

[Anonymous]

I'd like to consolidate several old 401k plans into my new one. Has anyone done this before? Is it easy/hard? time consuming? How do I get started?

TIA!

[Anonymous]

I'd roll them into something like a Vanguard IRA so you have more control and choices than you would in your current 401k

[Anonymous]

Anonymous wrote:I'd roll them into something like a Vanguard IRA so you have more control and choices than you would in your current 401k

NP- does this make them Roth IRAs?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'd roll them into something like a Vanguard IRA so you have more control and choices than you would in your current 401k

NP- does this make them Roth IRAs?

NNP. No. Roth just means that the income taxes are already paid on the money, so future distributions will be tax-free. If you just do a regular 401(k) rollover, the taxes have been deferred and they remain deferred until you withdraw the money during retirement. However, you could do a rollover and a Roth conversion if you wanted to, paying the taxes now.

Short answer, as always: Talk to Vanguard. They'll take care of you.

[Anonymous]

If you are getting close to the Roth IRA income limit it may be better to roll into your 401k to allow you to do a backdoor roth. If that is not a concern, call vanguard or fidelity and let them do it. Moves pretty quick - some holdings they can xfer in kind, so you don't even have to liquidate and lose a few days while the funds are moving.

[Anonymous]

It's not hard, just kind of a pain in the butt. If you are married your spouse needs to sign off on the transfer with a notarized signature.