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I don’t think moving from one account to another there is penalty.. if you withdraw the cash yes there is a penalty
Talk to the new account person, they should know how to do the roll over and give you the destination of the check. The answer is never give a check to you it’s send one to the new account.
Yes
When you move it over to the new firm, make sure you keep the deposit confirmation. I’ve done this twice where the IRS asks me the following year to produce it.
Quite the opposite, you’re gonna get hit with account maintenance fees if you DON’T move it
Yes. Consolidate multiple accounts into one - two if you have Roth vs. non-Roth balances - with a brokerage firm that is offering a cash bonus incentive, such as Merrill Edge or Chase.
You can do your own IRA, not 401(k). I consolidated two separate 401(k) accounts directly from the 401(k) administrators into one “Rollover” IRA with Merrill Edge by giving Merrill a call. They took care of the rest. They had a tiered cash bonus incentive at the time - and I would come to find out that Merrill is always running some kind of promo - and so 90 days later my IRA account saw a $600 deposit.
My IRA is either cash (15%) or invested in individual stocks. I prefer individual stocks to ETFs, but I am pretty sure Merrill also makes available a variety of ETFs and other investment funds (e.g., Vanguard, Janus, PIMCO) for self-directed investment. I don’t see downside to self-directed IRA; for me, I think I know just enough about the market, charts, and fundamentals to enjoy being in greater control of my investments.
There are no penalties. Just move it to an IRA.
Thanks all!