{"id":213,"date":"2021-10-18T12:00:00","date_gmt":"2021-10-18T12:00:00","guid":{"rendered":"https:\/\/moneywithkatie.com\/how-to-rollover-a-401k\/"},"modified":"2025-09-05T16:54:07","modified_gmt":"2025-09-05T16:54:07","slug":"how-to-rollover-a-401k","status":"publish","type":"post","link":"https:\/\/moneywithkatie.com\/how-to-rollover-a-401k\/","title":{"rendered":"My Experience Rolling Over a 401(k) \u2013 Here\u2019s How I Did It Easily"},"content":{"rendered":"<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<p class=\"\" style=\"white-space:pre-wrap;\">File this type of task with going to the DMV and renewing my car registration \u2013 except with much higher financial consequences. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Trust me, if I could pay someone to wait in line for me for a new driver\u2019s license or handle the paperwork for registration renewals, I would \u2013&nbsp;and this task was no exception. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">The issue with delaying (or foregoing) this task? According to <a href=\"https:\/\/www.marketwatch.com\/story\/americans-have-lost-more-than-1-trillion-yes-trillion-to-old-forgotten-401-k-plans-11622829686#:~:text=About%20%241.35%20trillion%20are%20in,every%20year%2C%20the%20researchers%20found.\" target=\"_blank\">Marketwatch<\/a>, forgetting about an old 401(k) plan costs individuals an average of<em> $700,000 in retirement saving<\/em>s over their lifetimes (<a href=\"https:\/\/www.hicapitalize.com\/resources\/the-true-cost-of-forgotten-401ks\/\" target=\"_blank\">here\u2019s the original whitepaper<\/a>).<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">So you can imagine my surprise when I found out about a service that does it for you for free.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\"><em>Wait, what\u2019s the catch? <\/em>I immediately wrote it off as a scam. They\u2019re either going to sell my data to QANON on the dark web or make a break for it with my hard-earned employer contributions. No way, Jos\u00e9.<\/p>\n<h2 style=\"white-space:pre-wrap;\">Is Capitalize legit?<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">But upon doing some further digging, I found out a few things: <\/p>\n<ul data-rte-list=\"default\">\n<li>\n<p class=\"\" style=\"white-space:pre-wrap;\">They <em>may<\/em> get paid a commission by the brokerage firm you transfer to if they have a partnership with them, but there\u2019s no direct cost to you \u2013&nbsp;and there\u2019s no illicit dark web data sales going on, either, so rest assured your #data should be A-OK.<\/p>\n<\/li>\n<li>\n<p class=\"\" style=\"white-space:pre-wrap;\">It was featured in <a href=\"https:\/\/techcrunch.com\/2021\/02\/11\/2111663\/\" target=\"_blank\">Tech Crunch<\/a>, <a href=\"https:\/\/finance.yahoo.com\/news\/capitalize-launches-help-30m-americans-115700788.html\" target=\"_blank\">Yahoo! Finance<\/a>, and <a href=\"https:\/\/www.bloomberg.com\/press-releases\/2020-09-29\/capitalize-launches-to-help-30m-americans-consolidate-their-401ks-announces-seed-round\" target=\"_blank\">Bloomberg<\/a>, which means it\u2019s good enough for me.<\/p>\n<\/li>\n<\/ul>\n<p class=\"\" style=\"white-space:pre-wrap;\">One thing I want to call out from the jump is that the primary reason I was hesitant to roll over a 401(k) to self-management in an IRA is because of the fear of losing the coveted Backdoor Roth IRA loophole. After a certain income ($140,000), you can\u2019t contribute through the \u201cfront door\u201d of a Roth IRA. You have to use the backdoor, as I wrote about <a href=\"https:\/\/www.moneywithkatie.com\/blog\/how-to-contribute-to-a-roth-ira-if-youre-over-the-income-limit\" target=\"_blank\">here<\/a>. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">If you have any <em>other<\/em> Traditional IRAs hanging around (whether they\u2019re regular, rollover, SEP, etc.), it fouls up the taxes and you end up with a big bill. I wasn\u2019t keen on taking that risk, until\u2026<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Recently I decided that the backdoor Roth IRA may be more trouble than it\u2019s worth. After all, since I still have access to an employer-sponsored 401(k) with Roth availability, I decided I\u2019d just get the appropriate amount of Roth exposure through my 401(k) and move on with my life. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">You can also consider rolling an old 401(k) into your new 401(k), but I like the control and options that comes with an IRA that\u2019s self-managed instead of managed by my company (just a personal preference; you may feel differently!).<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Now that that preamble is out of the way\u2026<\/p>\n<h2 style=\"white-space:pre-wrap;\">What\u2019s the best way to roll over a 401(k)?<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">Ideally, a way in which you\u2019re paying (a) no taxes on the amount and (b) someone else is doing it for you. Hard to beat, right?<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Fortunately, a rollover IRA doesn\u2019t impact your annual contribution limit to your other IRAs (i.e., you could roll over $50,000 to a Traditional IRA from your Traditional 401(k), then turn around and contribute $6,000 to a Roth IRA without issue). <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">I liked this process because it spelled out \u2013&nbsp;at each step \u2013&nbsp;what I needed to do to make things go seamlessly.<\/p>\n<h2 style=\"white-space:pre-wrap;\">Using Capitalize, step-by-step<\/h2>\n<h3 style=\"white-space:pre-wrap;\">Step 1: Visit <a href=\"https:\/\/www.hicapitalize.com\/moneywithkatie\/\" target=\"_blank\">Capitalize\u2019s site<\/a> and click Get Started.<\/h3>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/1.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">Step 2: Answer honestly! If you don\u2019t know where your 401(k) is (i.e., the provider), they\u2019ll help you find it.<\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">I knew which brokerage firm housed my 401(k) through my employer, so I selected, \u201cYes, I know where it is.\u201d Can we just take a moment to appreciate some good UI? I love the bite-sized questions. <\/p>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/2.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">Step 3: Select your provider from the dropdown list.<\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">I was able to find mine easily; there were so many obscure ones that I\u2019d be surprised if yours wasn\u2019t listed.<\/p>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/3.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">Step 4: Choose which provider you want to transfer to.<\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">Notice how Betterment is an option! Yeehaw, boys \u2018n girls. You know that\u2019s already my top recommendation. <\/p>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/4.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">Step 5: Make any further necessary decisions about account type.<\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">I clicked through a few of the options to see what happened and each brokerage firm prompts different questions; for the sake of this example, I continued to use Betterment. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">It\u2019s also around this time that you\u2019ll need to tell them whether or not you <em>already have an IRA open<\/em> that you\u2019d like to use. This is an interesting aspect of 401(k) rollovers \u2013&nbsp;you need to have the Traditional or Roth IRA open in order to receive the funds (in other words, they need somewhere to go).<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Keep in mind that you want the tax statuses to <strong>match<\/strong>. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">For example, I already have a Roth IRA that I can roll <em>Roth<\/em> 401(k) contributions into, but I don\u2019t have a Traditional IRA yet for my Traditional 401(k) contributions, so I\u2019ll need one to be opened for me as part of this process. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">They handle that, too, which is nice.<\/p>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/5.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">Step 6: Create an account.<\/h3>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/6.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">Step 7: Open an IRA for your 401(k) rollover to \u201cland\u201d in, if you don\u2019t already have one.<\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">Like I said, I didn\u2019t yet have a Traditional IRA, so I had to follow the steps to open one. The \u201cInstructions\u201d piece was super helpful to know exactly which type of account to choose. After opening one, you\u2019ll enter the IRA Account Number so Capitalize knows where to send your 401(k).<\/p>\n<\/div>\n<p>      <img decoding=\"async\" src=\"https:\/\/moneywithkatie.com\/wp-content\/uploads\/2021\/10\/ScreenShot2021-10-14at122758PM.webp\" alt=\"\"\/><\/p>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h2 style=\"white-space:pre-wrap;\">Timing<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">In talks with one of the experts, I learned that you (usually) have to wait about 2 weeks from when you leave a job to when you can roll over your 401(k), so keep that in mind if you\u2019ve <em>just<\/em> submitted your notice (but hey, brownie points for enthusiasm!). <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">You can rollover more than one, in case you\u2019ve been collecting them in your wake on a Boulevard of Broken Dreams-style cruise through Corporate America.<\/p>\n<h2 style=\"white-space:pre-wrap;\">What happens after you submit your information<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">What happens next depends on what type of 401(k) plan you have. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">If you\u2019re required to fill out a form, Capitalize will do it for you (BLESS!) and send it to you via HelloSign to complete. In many cases, they\u2019ll call your provider for you, and only dial you in when they need you to authorize the transfer. It\u2019s like a virtual assistant for 401(k) rollovers. No more long wait times for you, #RichGirl.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">On the call, they&#8217;ll verify whether or not you have mixed (Traditional and Roth) assets in your account, if you have company stock, and how much of your 401(k) has vested (if you had an employer match with a vesting period). <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">It never fails to amaze me how many people have company stock in their 401(k), and knowing how to handle that in a rollover is super valuable. (Remember: Diversification is usually always a good idea, and holding a bunch of one stock simply because you worked for the company isn\u2019t <em>usually<\/em> a great long-term plan.)<\/p>\n<h2 style=\"white-space:pre-wrap;\">Mailing a check vs. mobile-depositing<\/h2>\n<p class=\"\" style=\"white-space:pre-wrap;\">Then, they\u2019ll verify where and when the money will be moved to your IRA. In many cases, the 401(k) provider will mail you a check (it will say, \u201cFor the benefit of &lt;Your Name&gt;,\u201d that means it&#8217;s a direct rollover). Sometimes they\u2019ll be able to wire the money, but a check is the most common.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">If your new IRA has a mobile deposit function, you can deposit it on your phone. If you need to physically mail the check to your IRA, Capitalize will <em>literally send you a prepaid, pre-addressed envelope with tracking. <\/em>At that point, I was sure it would become wheels-off, but no \u2013&nbsp;they give you the damn pre-stamped envelope.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">I\u2019m still in the middle of my process, but so far, it\u2019s been super easy.<\/p>\n<\/div>\n<div\n  class=\"sqs-block-button-container sqs-block-button-container--center\"\n  data-animation-role=\"button\"\n  data-alignment=\"center\"\n  data-button-size=\"medium\"\n  data-button-type=\"primary\"\n><br \/>\n  <a\n    href=\"https:\/\/www.hicapitalize.com\/moneywithkatie\/\"\n    class=\"sqs-block-button-element--medium sqs-button-element--primary sqs-block-button-element\"\n    data-sqsp-button\n    target=\"_blank\"\n  ><br \/>\n    Roll over an old 401(k) today<br \/>\n  <\/a>\n<\/div>\n<hr \/>\n<div class=\"sqs-html-content\" data-sqsp-text-block-content>\n<h3 style=\"white-space:pre-wrap;\">The fine print, because we\u2019re talking about investing<\/h3>\n<p class=\"\" style=\"white-space:pre-wrap;\">As always, these are my opinions (not financial advice) about what\u2019s \u201cbetter\u201d or \u201cworse,\u201d and I\u2019m not a licensed financial planner or advisor. If you\u2019re considering any Roth conversions or making any big changes, consult a CPA. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Investing involves risk of loss and performance not guaranteed. Just my opinions, not advice. I asked Capitalize if they\u2019d be willing to sponsor this review of their product, and they obliged. I may receive a commission if you choose to work with Capitalize using the links on this blog post, and I appreciate your support if you choose to do so!<\/p>\n<h2 style=\"white-space:pre-wrap;\">You may also like\u2026<\/h2>\n<\/div>\n<div class=\"\n  summary-block-wrapper\n\n  summary-block-collection-type-blog-masonry\n\n  summary-block-setting-text-size-medium\n  summary-block-setting-text-align-left\n\n  summary-block-setting-design-list\n  summary-block-setting-design-list-thumbnail-left\n\n  summary-block-setting-metadata-position-below-content\n  summary-block-setting-primary-metadata-cats\n  summary-block-setting-secondary-metadata-none\n\n  summary-block-setting-show-thumbnail\n  summary-block-setting-show-title\n  summary-block-setting-show-price\n  summary-block-setting-show-excerpt\n  \n\n  \n\n  sqs-gallery-design-list\n\n  \n  \"\n\n  \n><\/p>\n<div class=\"summary-item-list-container sqs-gallery-container\">\n<header class=\"summary-block-header\">\n<div 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summary-metadata--secondary\">\n<\/div><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>File this type of task with going to the DMV and renewing my car registration \u2013 except with much higher financial consequences. Trust me, if I could pay someone to wait in line for me for a new driver\u2019s license or handle the paperwork for registration renewals, I would \u2013&nbsp;and this task was no exception. [&hellip;]<\/p>\n","protected":false},"author":178814,"featured_media":2415,"comment_status":"closed","ping_status":"open","sticky":false,"template":"si-template-single-post-401-k-s-and-iras.php","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[47],"class_list":["post-213","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing-and-taxes","tag-401ks-and-iras"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>My Experience Rolling Over a 401(k) \u2013 Here\u2019s How I Did It Easily - Money with Katie<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/moneywithkatie.com\/how-to-rollover-a-401k\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My Experience Rolling Over a 401(k) \u2013 Here\u2019s How I Did It Easily - Money with Katie\" \/>\n<meta property=\"og:description\" content=\"File this type of task with going to the DMV and renewing my car registration \u2013 except with much higher financial consequences. 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