An Individual Retirement Account (IRA) is similar to a 401(k) in that it allows you to contribute toward your retirement in a tax-advantaged account. While 401(k) accounts are only available through an employer-sponsored plan, you can save for retirement personally with an IRA even after you leave employment or switch companies.
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You can establish an IRA with various financial institutions, including banks, credit unions, and online brokerage companies. Generally, there are no fees to open an account, but there may be account minimums or other investment fees to consider.
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IRA contribution limits are set by the Internal Revenue Service (IRS) but tend to be lower than 401(k) limits and may depend on your income, the type of IRA, and your or your spouse’s coverage under a retirement plan sponsored by an employer.
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You can learn more about the differences between an IRA and 401(k) here.
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If you are eligible for a rollover, then a banner should appear at the top of your 401(k) account dashboard. To get started, click the button for “View options”.
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If you’d like to roll over your 401(k) into an IRA, click the following option:
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Next, select how you’d like the check to be delivered and enter the requested information, such as the name of the receiving institution, mailing address, and account information.
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Once processed, outbound rollovers can take several weeks for your new financial institution to receive and deposit into your account. You can learn more about the rollover process and timeline here.
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When deciding whether to transfer your funds to another account, you should consider all associated fees.
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​This content is for informational purposes only and is not intended to be construed as tax or investment advice. You should consult a tax professional or financial advisor to consider all alternative options to rolling your money into an IRA.