You can rollover your 401k account into any type of IRA, with the exception of an education IRA. However, you need to be careful and make sure that you do a direct rollover, or else you could be hit with taxes and penalties that are north of 40%.
Make sure that you do your research. A good link is eRollover.com (see attached)
You need to get a form from your former employer. Secondly, open a roth IRA account with a bank. Complete the rollover form and your employer will transfer the funds to your roth IRA.
Both 401k and Individual Retirement Accounts (IRAs) are retirement savings accounts. You may ask your old employer to do a direct rollover of your 401k plan to your IRA account with no loss of money.
You must have a roth ira open. When you are separated from your employer, or turn 59.5, you can instruct your employer to directly roll your 401k over to the roth ira.
only if the current employer allows in-service withdrawals.
to get the money away from the previous employer and to continue tax-deferral
You need to get a form from your former employer. Secondly, open a roth IRA account with a bank. Complete the rollover form and your employer will transfer the funds to your roth IRA.
Both 401k and Individual Retirement Accounts (IRAs) are retirement savings accounts. You may ask your old employer to do a direct rollover of your 401k plan to your IRA account with no loss of money.
You must have a roth ira open. When you are separated from your employer, or turn 59.5, you can instruct your employer to directly roll your 401k over to the roth ira.
only if the current employer allows in-service withdrawals.
to get the money away from the previous employer and to continue tax-deferral
The benefits of a rollover 401K is the ability to roll it over to your IRA. So if you leave the job you are at, you can just simply transfer the funds to your IRA.
Absolutely. That's actually the most common type of rollover. The IRA would need to be a pretax IRA though. If you had thoughts of rolling it directly to a Roth IRA you would first have to roll it to a Traditional IRA then convert the Traditional to a Roth.
First you need to do a 401k rollover to Roth account. You will need to open a Roth IRA account. Do a 401k rollover to a Roth IRA online with any brokerage firm online. If you do find a brokerage firm that wants to charge you a fee to do a 401k rollover to a Roth IRA then pick a different one. You can get more assistance or help with more information by visiting http://hubpages.com/hub/401k-rollover-to-roth-ira
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
You will need to contact the human resources person who handles 401k plans at your old employer and ask to do a rollover. They may send you the proceeds which you can deposit into your 401k account promptly. Or they may ask for your IRA account details and send the funds there directly.
You can roll over a 401k account into your IRA account. This is cost effective and relatively easy.
There are many companies that can help someone convert their 401k rollover to a Roth IRA account. Such companies include Fidelity and Vanguard. Investopedia has also published some information that one should know before converting their 401k rollover to a Roth IRA account.