Did you convert your 401K plan to an IRA?

downsouthNovember 5, 2007

After you retired, did you convert your 401k plan to a traditional IRA?

We are thinking of switching our Merrill Lynch 401k plan to a Fidelity IRA. We first need to find out about any fees Fidelity will charge to do the transfer and any other "hidden" fees. Hubby wants to start taking a monthly distribution soon. Any of you taking a monthly amount from your 401k plan? He wants to use it to add to our cruising budget, isn't that what it's for anyway, LOL? We want to do some traveling with the grandkids too while we are healthy.

Thanks, Dee

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green-zeus

I rolled my company 401K to a personal IRA to get out from under the limited fund choice of the company 401K plan.

Been taking a distribution since 2000. The best way to find out about fees is to ASK them.

    Bookmark   November 16, 2007 at 10:38AM
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bejay9_10

After I retired, I asked Fidelity if I could keep my retirement account with them. They said "OK." However, as I no longer am with the company which had an incentive program, my assets were rolled into a money market fund (like CD's, gov't bonds, etc.). Also at a certain age, one must take out the minimum distribution from the fund.

I can still keep my funds with Fidelity and consult one of their brokers, in case I wanted to invest in a more aggressive portfolio, (stock market), but I'm just as happy to have a dividend sent me every quarter, that is based on keeping the principal at a fairly constant level, although the interest rates on such investments are not as lucrative (nor as volatile).

Bejay

    Bookmark   November 21, 2007 at 12:11PM
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