Return to the Retirement Forum | Post a Follow-Up

Did you convert your 401K plan to an IRA?

Posted by downsouth (My Page) on
Mon, Nov 5, 07 at 17:57

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

Follow-Up Postings:

RE: Did you convert your 401K plan to an IRA?

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.

RE: Did you convert your 401K plan to an IRA?

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).


 o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!

Return to the Retirement Forum

Information about Posting

  • You must be logged in to post a message. Once you are logged in, a posting window will appear at the bottom of the messages. If you are not a member, please register for an account.
  • Please review our Rules of Play before posting.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review your post, make changes and upload photos.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • Before posting copyrighted material, please read about Copyright and Fair Use.
  • We have a strict no-advertising policy!
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.

Learn more about in-text links on this page here