If you’re a self-employed business owner or a sole proprietor, you have the right to administer your own 401k plan. Sometimes, though, 401k plan owners who are self-employed decide to roll their 401ks over.
- 401k account underperformance
- Difficulty in changing the 401k plan’s administrative rules
- Closure of the company
- Company takeover
Roll over your 401k for free at 401k Rollover. If you’re self-employed and want to rollover a 401k into a self-directed IRA, one of our non-commissioned 401k rollovers can help you 24/7, because we understand that business owners work around the clock.
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Depending on the retirement account custodian you choose, 401kRollover.com’s advisers can either work with you step-by-step to complete and submit the paperwork free-of-charge, or they can direct you to the appropriate 401k rollover company.
4 Steps to roll over A self-employed 401k to an IRA:
- Make sure that your 401k is rollover-eligible. Just because you’re self-employed, it doesn’t automatically mean that you can convert your account without drawing the ire of the Internal Revenue Service (IRS).
- Convert your 401k’s investments to cash by selling your stocks or bonds, and placing the funds into a money market account.
- Complete and submit your new retirement account custodian’s account application and 401k transfer form as requested. In many instances, a 401kRollover.com adviser can help you fill out the forms correctly at no charge.
- Your new account will be opened once the paperwork has been approved. When the funds are moved into the new account, you’re ready to re-invest your funds.
Also Read: 401k Rollover Process
If you’re rolling over a 401k from a previous company into a 401k for a company that you’ve just opened, the process works slightly differently, and talking to a tax attorney is encouraged. It’s also a good idea to consult a tax attorney before executing a self-employed 401k rollover of any sort, to ensure your eligibility and review your options. To start your self-employed 401k rollover now, visit 401k Rollover or call (800) 767-1423 today.