Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
So you need to call up whatever company that you want to house your IRA and you need to open up one of those accounts.
Yeah, Fidelity, Schwab, Vanguard, those are some of the bigger ones.
And then you need to contact your 401k provider and you need to say that you want to do a rollover and they will walk you through the steps that are involved.
What happens is that people will initiate the rollover and they'll think once they deposit the check into the IRA and deposit
They think that's it, that they're done.
But they're not because you have to wait then for the money to go into the IRA.
You have to wait for that check to clear and that can take a couple of days.
And then you have to go back in and decide how you want to actually invest that money.
A lot of people think, oh, I sent the check.
The money's in the account.
I'm done.
When so many people, especially younger workers, have been automatically enrolled in 401k accounts, the way it works with 401ks is that if your employer automatically enrolls new hires, you don't have to do anything.
You're just automatically put into the 401k plan.
They start deducting money from your paycheck.
It automatically goes into what's called a target date fund, which is a diversified stock and bond fund.
The new...
worker gets into the 401k plan, sometimes they don't even know it.
It just all happens seamlessly, automatically, and they're automatically invested in the stock and bond markets.
So a lot of people, especially those who are younger, who have benefited from automatic enrollment in 401k plans, they assume that IRAs work the same and that they might realize, okay, I have to transfer that money.
But once it's in the account, it will be automatically invested for me.
Showing 281–300 of 4,485 · page 15 of 225
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