Between 2010 and 2014, the National Science Foundation awarded $695,485 in U.S. taxpayer dollars to teach children a particular type of film-making when tutorials on the subject are available online – for free. On July 30, the Washington Times reported that the Federal government “spent more than half a million… to teach kids how to make video game-style movies that most can learn to create online for free.”… Click here to read complete news.
$695,485 Spent on Kids’ Filmmaking That’s Online for Free
Why is my 401k rollover taking so long?
If your 401k rollover seems to be taking longer than you expected, one or more factors may be the culprit(s). Some of these factors can be avoided altogether, while others depend on things that might be partly or completely out of your control. So, what determines if your 401k rollover will take 1 week, 3 months, or somewhere in between?
Initiating My 401k Rollover
Cold feet have caused some investors to delay their 401k rollovers for weeks, months, and even years. Some eventually give up on the process altogether, even though initiating the 401k rollover is a relatively simple process.
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To get your 401k rollover wheels in motion, let your 401k plan administrator know ahead of time that you are planning to relocate your funds. This is also the best time to make sure you’re eligible to roll your 401k over, and speaking with the 401k manager will help you avoid any last-minute surprises.
401k Rollover Form Approval
Some 401k providers are more “particular” than others when it comes to approving 401k rollover paperwork. A 401k rollover usually means that the company is losing a client, and some companies are known to drag their feet when it comes to processing 401k rollover forms.
Some 401k providers request special forms from the retirement account custodian you’re moving the funds to. Some companies require forms with “wet ink,” meaning faxed or scanned/emailed copies of rollover paperwork are unacceptable. Knowing how both your old and new retirement account custodians want things done will help you speed up the 401k rollover process with as few headaches and time-consuming conference calls as possible.
Funding of 401k Rollover Account
Your former retirement account custodian will have to send your funds to your new retirement account custodian via a company check or a bank wire. Checks must be mailed, but usually clear within two business days since they are from recognized financial institutions. Bank wires usually allow funds to go from one account to another in less than one business day, but the cost for bank wires are often passed on to the client. Additionally, some retirement account providers insist on mailing checks and do not offer the bank wire option.
401k Rollover Investment Direction Execution
After your 401k has been rolled over to a self-directed IRA, it’s up to you to select your investment(s). When you inform your broker that you want to buy a certain stock or mutual fund, a Certificate of Deposit (CD), or precious metals, the broker will send you an invoice. Depending on the type of investment(s) you choose, your price(s) may or may not be guaranteed. Some IRA custodians require you and your broker to complete and submit an “investment direction form,” especially if you have never previously authorized the company or the broker to make an investment on your behalf. This is for the security of all parties involved, and the delay of the actual execution of the transaction is minimal.
Conclusion
There is no set time limit for 401k rollovers, and legislation meant to prevent delays has yet to be considered in Washington, D.C. To expedite your 401k rollover, remember the following 4 401k rollover tips:
- Take advantage of the free 401k rollover paperwork help provided by calling (800) 767-1423 or by visiting 401kRollover.com – this will lower the chance of incorrectly-filed out forms.
- Inform your 401k plan administrator ahead of time that you’re preparing to initiate a 401k rollover.
- If possible, ask to designate an Interested Party from your new IRA custodian. A designated Interested Party can call on your behalf to check the progress of the opening and funding of your new account, but cannot make investments without your approval.
- Be persistent, and try to remain professional at all times. If a company’s customer service department wasn’t up to par in the first place, who’s to say that yelling at the employee won’t get your 401k rollover application placed at the bottom of the pile? Since retirement accounts are tax-related, however, it might sometimes be necessary to contact your city or state attorney general to address the situation.
If you’d like help beginning the 401k rollover process, or if you’re currently dealing with a frustrating 401k rollover process, visit www.401kRollover.com or call (800) 767-1423 to see how you can flex your financial muscle and complete your 401k rollover in a timely manner.
Why is July Such a Popular Month for 401k Rollovers?
July is a busy month for the 401k rollover advisers at 401kRollover.com for multiple reasons. Firstly, although tax season ends on or before April 15 for many investors, it runs through June for others. The Internal Revenue Service allows investors to request an extension until mid-June, and many employees and owners of small businesses take advantage of the extension to put off taxes until the middle of the year. Many doctors, for example, close their respective practices for the entire month of July after working non-stop from January through June and getting their taxes done. It’s during this time that doctors and other small business owners can focus on evaluating their portfolios, and this often leads to the decision to roll over 401k plans.
Also Check this post: List of 100 Best 401k Rollover Providers in USA
July is also a busy month for the non-commissioned 403b rollover experts who work at 401kRollover.com, because many teachers and government employees retire at, or close to, the end of June each year. When someone with a 403b retires, they often decide to immediately roll their 403b plan over to a self-directed Individual Retirement Account (IRA). This provides the investor with greater financial flexibility, more retirement account investment options, and lower fees.
If you have an inactive 401k or 403b that you’ve been meaning to roll over, why wait? Instead of putting your 401k rollover off for another moment, contact the friendly retirement account rollover experts at 401kRollover.com by calling (800) 767-1423 today. You’ll receive a helping hand that will guide you through the 401k rollover process, and free help is available 24/7, so you can receive assistance no matter your schedule or location. Also, visit 401k Rollover to find out how you could get a free 401k rollover during the month of July – this way, you can flex your financial muscle immediately and start protecting your assets from historically-low interest rates before they begin to fluctuate.
limiting Cash Withdrawals to Only 60 Euros Per Account Per Day in Greece
The people of Greece have no access to regular banking as the banks are shut. ATMs are limiting cash withdrawals to only 60 euros per account per day. Even the Athens Stock exchange has closed its doors.
On July 5, Greeks will vote in a national referendum on the bailout proposals being offered to their Prime Minister, Alexis Tsipras. He is currently spearheading a “No” vote campaign, believing it will, somehow, strengthen his bargaining position among his European counterparts and with his country”s creditors.
Read complete news at: https://www.401krollover.com/greece-teetering-on-the-edge-of-grexit/
How to Roll Over an Inherited 401k – Quick Guide by 401kRollover.com
If you’re faced with the unfortunate decision to roll over a 401k that you inherited from your spouse or someone else who named you as their 401k beneficiary, take comfort in the fact that inherited 401k rollovers are easy to complete. The Internal Revenue Service (IRS) provides 401k heirs with multiple options to move the bequeathed money.
If you inherited a 401k from your spouse…
Spouses receive special treatment from the IRS when they inherit retirement accounts, including 401k plans. Even if your spouse didn’t name you as a beneficiary of his or her 401k, you may still have a right to retain some of that money for yourself.
If your spouse named you as the primary beneficiary of his or her 401k, you have the following options:
- Withdraw all of the money and pay the corresponding income taxes.
- Roll the inherited 401k into your IRA. It’s easy to open an IRA if you don’t have one already.
- Transfer the inherited 401k to an “Inherited IRA.” (We’ll elaborate on the Inherited IRA option in a moment.)
- Decline receipt of the 401k funds.
If 1 of these 4 inherited 401k rollover options appeals to you, contact the company that managed the 401k for your deceased spouse and inform that company’s representative of your decision.
Why would I give away the 401k money that was willed to me by my spouse?
Option “4” mentioned above often confuses investors. Even if the money is not “needed,” isn’t it always smart to honor your deceased spouse’s wishes?
This is known as “disclaiming” your inheritance, and is commonly done to avoid higher income taxes and/or to help contingent beneficiaries (usually the children or grandchildren of the deceased) with their respective financial situations.
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If you choose this option, you aren’t allowed to touch the money whatsoever, and making such a decision is irreversible. If you decline to accept your deceased spouse’s 401k, the account’s balance will go to one of your spouse’s contingent beneficiaries, such as a child or grandchild.
Younger beneficiaries can withdraw smaller amounts of money from inherited accounts, thus delaying taxes and ensuring responsible spending of the money by the younger beneficiary. Additionally, younger beneficiaries who make inherited 401k withdrawals will have fewer tax liabilities than the surviving spouse, provided the contingent beneficiary is in a lower income tax bracket than the primary beneficiary who declined the 401k.
As always recommended by informational websites like 401k Rollover, speak with a tax attorney before attempting any sort of inherited 401k rollover transaction.
If you inherited a 401k as a contingent beneficiary…
If the primary 401k beneficiary declines to accept the money (or if the primary beneficiary is also deceased), the funds from the 401k in question will be passed on to the contingent beneficiaries.
Contingent 401k beneficiaries can do one of two things with their new-found money:
- Withdraw the money from the 401k plan, and place the funds into a cash account. You won’t have to pay an early withdrawal penalty to do this, even if you are less than 59 ½ years of age – but you will need to pay the extra income tax due to your increased yearly income.
- Roll the inherited 401k over to a self-directed Traditional or Roth IRA. This will allow you to avoid immediate income tax implications, and if you don’t already have an IRA, don’t worry; you can open an IRA and deposit the inherited 401k funds without worrying about penalties or extra taxes.
What are the benefits of combining an inherited 401k with your IRA?
In some cases, you can withdraw money from the 401k in question without having to pay an early withdrawal penalty, even if you haven’t yet reached age 59 ½. This 10% saving means the world to some investors, since they will already be forced to pay income taxes on the amount of money withdrawn.
The deceased person’s 401k plan administrator won’t let heirs keep those accounts in 401k form, so you’ll need to roll the 401k over to a Traditional or Roth IRA. IRAs (Individual Retirement Accounts) offer more investment options and lower fees compared to 401k plans and other employer-sponsored retirement accounts.
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Some investors have complained about contribution limits and mandatory withdrawal rules regarding inherited 401k plans, but guidelines differ depending on your spouse’s age at the time of death, the type of retirement plan that was bequeathed to you, and your current age and retirement account situation. Speak with a qualified tax attorney for advice on the best way to handle your deceased spouse’s 401k rollover.
The Inherited IRA 401k Rollover
If you don’t want to roll over the inherited 401k to your other retirement accounts, and you don’t feel comfortable withdrawing the entire balance of the inherited 401k, you can open and fund an Inherited IRA with the deceased person’s 401k.
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Many younger investors choose to open an Inherited IRA because it allows for penalty-free IRA withdrawals for investors under the age of 59 ½. Such a transfer must be made directly from the deceased person’s account to the new Inherited IRA in a process known as a “trustee-to-trustee” transfer. This prevents the heir from withdrawing money from the account prematurely, and it protects investors from future income tax liabilities.
Conclusion
Emotions can run high when you’re rolling over a 401k that was bequeathed to you by someone you were close to. For this reason, it’s always recommended that you speak with a qualified tax attorney before agreeing to any 401k rollover decisions regarding the deceased person’s account, because, depending on your spouse’s age at the time of his or death, as well as the type of retirement account that person owned, you might be able to delay account distributions if you so choose.
For a better understanding of your 401k rollover options, or to ask for advice regarding your 401k rollover choices after inheriting a retirement account from someone who passed away and named you as a beneficiary, visit 401krollover.com or call the website’s toll-free help desk at (800) 767-1423 today. The friendly and expertly-trained 401k rollover advisers at 401kRollover.com can help you convert your account quickly and easily, while ensuring that all IRS regulations are met. Contact 401k Rollover today and learn how empowering it feels to flex your financial muscle so you can enjoy your golden years, which is what your spouse, or the person who named you as a beneficiary, intended.
Why 401kRollover.com Wants You to Know about Your Old 401k
401kRollover.com doesn’t use celebrity sponsors, nor does it pay for expensive advertisements on the radio or television. Despite the website’s lack of a massive marketing budget, however, lots of investors are already familiar with the online retirement account provider database that encourages investors to “flex your financial muscle” with a retirement account rollover to a self-directed IRA.
401kRollover.com reaches out to investors who have old or inactive 401k accounts that aren’t performing satisfactorily or are undiversified. If you have a 401k to roll over, the friendly (and non-commissioned) 401k rollover advisers at 401kRollover.com want to talk to you about your 401k rollover options.
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When you leave a job that provided you with a 401k, you don’t lose the 401k. You are, however, stuck with the same small range of investment choices provided to you by your former employer until you roll your 401k over to a self-directed IRA. This is where 401kRollover.com excels.
By visiting www.401kRollover.com or calling (800) 767-1423, you can roll over a 401k, 403b, TSP or IRA quickly and easily, and 401kRollover.com charges nothing to help you find the best 401k rollover provider for you. In some cases, a 401kRollover.com adviser can even help you fill out and submit your 401k rollover forms free of charge.
Talk to a 401kRollover.com adviser today to find out if a 401k rollover is right for you. Visit 401k Rollover or call (800) 767-1423 to get started.