Ask the Boston Money Coach Series
Question: I once worked for a company where I had a retirement plan but after I left I didn’t move my account. I was wondering how do I go about retrieving my money from my 401k?
Response from Boston Money Coach Steve Stanganelli:
Your first step is to contact the plan administrator or the human resource department of the firm. They will direct you to the service number or website to initiate the process of withdrawing money from the account. You may choose to “roll” the balance to another employer’s 401(k) or your own Individual Retirement Account (IRA).
The IRA can be one that you direct yourself and choose the investments or you work with another broker (or preferably an investment adviser) who will manage the account for you based on your input, your risk profile, your age, and your timeline for when you may need the proceeds.
For additional information about your options and the benefits of IRAs, feel free to contact me directly or call the free Rollover Hotline at 877-668-2721 for a rollover kit.