We now live overseas and are looking at converting 401k, 403b to IRA.
US citizen, resident overseas for a long period.
What range of fees would reputable providers charge for this service?
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1Are you a US citizen/green card holder?– littleadvCommented Jan 6, 2016 at 10:01
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Hi @littleadv, see update above.– MikeRogerCommented Jan 6, 2016 at 10:10
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1 Answer
When you pick a company for your IRA, they should have information about rolling over funds from another IRA or a 401K. They will be able to walk you through the process.
There shouldn't be a fee for doing this. They want your money to be invested in their funds. Once your money is in their hands they are able to generate their profits.
You will want to do a direct transfer. Some employers will work with the investment companies and send the funds directly to the IRA. Others will insist on sending a check to you. The company that will have your IRA should give you exact specifications for the check so that you won't have to cash it. The check will be payable to you or the IRA account. The IRA company will have all the details.
Decide if you will be converting non-Roth to Roth, before doing the rollover.
answered Jan 6, 2016 at 11:12
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1Fidelity even pays you for IRA transfers (don't know if that includes rollovers): rewards.fidelity.com/offers/iramatch– minouCommented Jan 6, 2016 at 13:44
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1I think this is true as far as it goes - But I understood the question to be the fee charge by the company who is losing your business. A transfer out fee not a transfer in fee.– user32479Commented Jan 6, 2016 at 15:01
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1I have rolled over 3 401Ks to two different mutual fund companies. I have never had to pay a fee to any of the 5 entities involved. Commented Jan 6, 2016 at 15:12
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2@Kekito: The fine print at the bottom says "Rollovers from workplace savings plans are not eligible for this offer." Interesting, though.– BrenBarnCommented Jan 6, 2016 at 21:37