What to Do with Your 401(k) Video

What to Do with Your 401(k)

Tags: What to Do with Your 401(k),401(k) rollover,editor at large jill schlesinger,finance advice,financial tips,MoneyWatch,retirement plan,rollover retirementWhat to Do with Your 401(k)

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Have a 401(k) from a previous job? You need to roll it over into an account with a brokerage. Jill Schlesinger gives us the 3 easy steps.

Transcript

What to Do with Your 401(k) MoneyWatch.com Jill Schlesinger: You seem very comfortable you seem all relaxed. Female: I just came from the – Jill: Can you spend 30 seconds with me, no. Busy no one wants free financial advice? Why you want to know the topic? It’s an easy topic. Female: What’s the topic? Jill: Money. Female: Oh. Jill: Do you like that? I’m Jill. Come over here this is going to be easy. I’m Jill. Jackie: Jackie. Jill: Jackie and Jill. Jackie: Alright you’re out now. Female: I know. Jill: I like this dynamic duo. Female: Yeah. Jill: So what’s going on in your life that I can help you with today? Jackie: I guess currently I’m not working. Jill: Now were you working and got laid off in the recession? Jackie: Yeah I was working for a start up online and you know its just time to move on. Jill: Do you have a retirement plan there? Jackie: Not that one but my past 2 companies I did. Jill: What did you do with the money in those firms? Jackie: Actually I don’t exactly know how to roll them over. Jill: Oh. We’ve got a rollover guys. We got a rollover this is so good. Jackie: It’s just sitting. Jill: Alright this going to be. Are your ready for your finance, we’re going to do rollover 1, 2, 3 are you ready. Okay. Jackie: Yeah. Jill: First of all you got to call your past two employers, you call at the Benefits Department and if there are like tiny organizations usually some who does HR right? Jackie: Yeah actually one of them is a pretty big one so. Jill: Call up the HR Department and say I would like to formally request a rollover forms for my old 401k. Jackie: I have actually done that. Jill: And. Jackie: I had to pick all the different funds. Jill: No, no you don’t have to do that. Listen this easier ask the rollover forms. Then you’re going to go to like see over there, you see that fidelity office. Jackie: Yeah that’s where I had that. Jill: Okay so you’re going to go there with your rollover forms. You’re going to go over that fidelity office. You’re going to bring your forms with you and you’re going to say I want to roll this into a Rollover IRA that’s it okay and then once you get all the money there you’re just going to say to the person who’s there I just want to balance portfolio some stocks, some bonds. I want to sleep night. Does that seem reasonable? Right are you ready to rollover? Jackie: Yes. Jill: Right first, what are you doing? Jackie: Get in a form. Jill: Second? Jackie: Bring it to a bank. Jill: No not a the bank, not the bank. Listen lady fidelity, vanguard, Charles Schwab T roll price any of those places bring your forms in. The money comes into the account and then you get a? Jackie: Rollover IRA Jill: With a balance portfolio. Jackie: Balance Portfolio. Female: Balance portfolio we have a winner. Alright thanks for playing Jackie I appreciate it.

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