Oh, man, Noise, that's awful. I'm so sorry.
See, in my fantasy, when I'm kissing you... you're kissing me. It's okay. I can wait.
Oz ,'First Date'
Buffista Business Talk: I wanted simple, I wanted in-and-out, I wanted easy money.
A virtual watercooler where Buffistas in business can talk, share, exchange, bemoan, exult and assorted other power verbs associated with all areas of running/starting up a business. For existing or potential Buffista business owners of all types. Spamming is NOT ON. A list of our Buffista owned businesses is on our links page.
-t - Oct 29, 2018 10:31:07 am PDT #1360 of 1416
I am a woman of various inclinations and only some of the time are they to burn everything down in frustration
Steph L. - Oct 29, 2018 12:25:32 pm PDT #1361 of 1416
Apparently if you're enough of a power nerd, there is nothing that cannot be flowcharted.
I have a question that I really should know the answer to, but I don't. It's 5 years since my old company was sold, and there's still a financial planning company managing my old comapny-sponsored IRA. My question is -- the IRA is mine, so...can I just "fire" the financial planning company and manage it myself? Is there any reason I need the financial planning company to administer it? Since my old company no longer exists and therefore no one can make contributions to the IRA, the IRA is just hanging out.
I know I need to roll it over into something different, but then I can just tell the financial planning company I don't need them, right? Or is there something I'm missing here? I don't have a ton of knowledge in this area.
t edit I really tried to google this, but the combination of terms I tried all led to pages telling me how an IRA works, which I already know. I just need to know if I need this company to administer the IRA, and if not, what do I do to end the business relationship and take over the thing myself?
flea - Oct 29, 2018 1:44:09 pm PDT #1362 of 1416
information libertarian
I am pretty sure you can roll over IRA monies from any IRA account to any other IRA account by contacting the plan administrator and asking them to do it. Do you already have another IRA that you handle yourself (like at Vanguard or something)? If so I suspect it's as easy as calling the financial planning company, saying, "I want to roll over this IRA's funds into my Vanguard IRA, what paperwork do you need" and doing it. (The financial planning company may try to talk you out of doing this, but I don't think they can actually prevent you.)
Edit: once the money is with Vanguard or whoever, you are done with the original company for ever.
Steph L. - Oct 29, 2018 1:52:25 pm PDT #1363 of 1416
Apparently if you're enough of a power nerd, there is nothing that cannot be flowcharted.
Do you already have another IRA that you handle yourself (like at Vanguard or something)?
I don't, dang it. Though I could real quick open one up and then have them roll the old IRA into it and be done.
Dana - Oct 29, 2018 2:40:58 pm PDT #1364 of 1416
"I'm useless alone." // "We're all useless alone. It's a good thing you're not alone."
Yes, you can roll an IRA into an IRA at a different place that you open. Make sure to do what flea says and find out what you need to fill out in order to get it directly from one company to the other, without involving you. Otherwise, the IRS will want you to pay taxes on it.
flea - Oct 30, 2018 6:37:00 am PDT #1365 of 1416
information libertarian
Right, the first company should not be mailing you a check personally. The money should go directly from them to the new IRA.
Steph L. - Oct 30, 2018 6:45:26 am PDT #1366 of 1416
Apparently if you're enough of a power nerd, there is nothing that cannot be flowcharted.
Right, the first company should not be mailing you a check personally. The money should go directly from them to the new IRA.
I did know that much about rolling over an old IRA. (Though that is just about the limit of my knowledge about stuff like this.)
Jesse - Oct 30, 2018 8:15:22 am PDT #1367 of 1416
Sometimes I trip on how happy we could be.
I actually think in at least one case, they did mail me the check, maybe made out to the new company? At any rate, I had to get it in the mail at my house and carry it over to the new company, which seemed ridiculous.
EpicTangent - Oct 30, 2018 8:30:23 am PDT #1368 of 1416
Why isn't everyone pelting me with JOY, dammit? - Zenkitty
When I rolled over a 401K, that's how it worked. They sent me a check for 5 figures that made me extremely nervous to have in my custody, that I then sent to the new company (actually the same company, IIRC, they just couldn't transfer directly for some reason. It was dumb).
Vortex - Oct 30, 2018 7:27:32 pm PDT #1369 of 1416
"Cry havoc and let slip the boobs of war!" -- Miracleman
When you identify the new company for the IRA, they will be very helpful, because they want your money in their accounts. Your old company will likely not be helpful, as they also want your money in their accounts. I still have some money in TIAA CREF, which I could contribute to because I worked at a university. The money is still mine, but I can't grow it because I no longer work at an educational institution. They have not been helpful about getting it out. I was so annoyed, I put it aside. I should get back to that.