Get Consolidated Ira Application - Marin Group

Pros of Consolidating Accounts There are three main reasons to consolidate your accounts: lower fees, less legwork, and it's easier for your beneficiaries. Fewer fees. Retirement accounts often come with management fees such as annual fees or fees for paper statements, etc.

Ways to Consolidate Your Retirement Accounts Direct Rollovers. ... Indirect Rollovers. ... Transfers Within the Same Plan. ... Assess Your Current Accounts. ... Compare Fees and Benefits. ... Contact Account Providers. ... Complete the Transfer. ... Assess Your Asset Allocation.

A direct 401(k) rollover gives you the option to transfer funds from your old plan directly into your new employer's 401(k) plan without incurring taxes or penalties. You can then work with your new employer's plan administrator to select how to allocate your savings into the new investment options.

You just need to contact the administrator of your plan and fill out certain forms for the distribution of your 401(k) funds. However, the Internal Revenue Service (IRS) may charge you a penalty of 10% for early withdrawal if you don't roll your funds over, subject to certain exceptions.

To roll over your 401(k) from your old job to your new job, you should contact the plan administrator of your new employer's 401(k) plan and request a direct rollover or trustee-to-trustee transfer from your old plan to your new plan.

Opening an IRA with Merrill gives you access to a number of features that can make saving for retirement even more rewarding.

If you elect to perform an indirect rollover, you'll need to deposit your old 401(k) savings into your IRA within 60 days of the initial withdrawal or you may be subject to taxes and penalties. However, direct rollovers are an exception to the 60-day rollover rule.

Risk #2: Irreversible Loss of Benefits In addition to preventing you from maximizing the strengths of multiple accounts and vendors, a consolidation may also cause you to forfeit grandfathered benefits – and in some cases, this change is irreversible.