A 401k rollover to an IRA account typically happens when you leave a job, become disabled or reach age 59 ½. Although you can rollover your 401k to a 401k at your new employer, many people choose to put their money into an individual 401k account.
If you have had several jobs that each had their own 401k, moving your accounts to and individual IRA can make management of your funds easier and more convenient. Instead of having multiple accounts and investment options to track you can manage a...
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401k rollover
Can I rollover my 401k while still employed?
In recent conversations, the question has come up as to whether you call rollover your 401k to a traditional IRA while still employed at the sponsoring employer. There seems to be some confusion about this and rumors of new laws that allow it.
The short answer to the question is, no. By law, you can not withdraw 401k contributions, that is, pre-tax salary deferrals, before severance, plan termination, turning 59 1/2, death, disability or hardship (and you can't roll over hardship withdrawals).
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