Are there more efficient ways to consolidate 401k’s?
Trying to consolidate my Fidelity 401k into my Vanguard, but it seems like it involves a ton of clerical/admin work, sending files via carrier pigeon and then an act of Congress just to transfer account balances. Anyone have any tips to do this more efficiently (i.e. online)? Is there a 3rd party I could pay a nominal fee to, to facilitate this for me? I know, I’m being a lazy tw*t, but this all seems very analog (which creates room for error). Thanks! TC: $285k
I’ve done this multiple times, and at worst, it involved filling out a form, receiving a rollover distribution check, and forwarding to your IRA institution. Sometimes, it can be electronic.
Have you done it across brokerages? E.g. I had once rolled over my multiple 401K to rollover Ira. All 4p1K accounts and the rollover ira were with Fidelity, it just involved a phone call. Can this be done electronically if source and dest are different providers?
Yes, always between different ones. Some were easier, because I would supply all the info online, and they would transfer the funds without my further involvement, but it may have still been through a paper check sent by mail. It was never less than a week.
I was just looking to move a 401k from my previous employer at Fidelity to my IRA and they seem to make it a bit of a pain. But as others have said, it’s usually just a phone call.
Call Vanguard and tell them you want to roll over the 401k from Fidelity. They will get on a 3-way call with you and Fidelity and handle almost everything. Pretty much the only thing you have to do is receive a check from Fidelity and forward it to Vanguard.
Remember rolling over your 401k to ira may prevent you from doing backdoor Roth.
If there isn’t honestly a great space to create something especially with people switching jobs as much as they do. I am in the same boat too lazy not have 3 401ks