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Transferring a 401(k) to an IRA While Still Employed

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Transferring a 401(k) to an IRA While Still Employed
Vitalii Vodolazskyi/Shutterstock
Oxford Gold Group
By Oxford Gold Group
12/27/2022Updated: 2/6/2023
0:00
Many employees only consider what to do with their 401(k) plans after leaving an employer, but you may have the option to roll over your retirement savings into an IRA while still working at your current job. Deciding whether or not to transfer a 401(k) to an IRA while still employed depends on your employer’s plan and investment goals.

What Are My 401(k) Options When Leaving an Employer?

Many employers offer their employees 401(k) plans, whereby employer contributions match those of the employees. If you have an employer-sponsored retirement plan, you likely have a 401(k).
Employees leaving their employers have several options for handling retirement plans. Your current employer may have a 401(k) sponsor that allows you to leave the money in the current plan. If not, you must cash out the account, transfer the assets from your former employer’s plan to a new employer’s plan, or roll over the money to an individual retirement account (IRA).

Can You Transfer Your 401(k) to an IRA While Still Employed?

Whether or not you plan on leaving your job in the future, you may have the option to roll over your 401(k) to an IRA while you’re still employed. If your 401(k) plan includes a provision permitting an in-service rollover, you can make your transfer while still working for your current employer. An in-service rollover allows for the transfer of retirement savings to an IRA while still employed without the usual withdrawal taxes.
Oxford Gold Group
Oxford Gold Group
Author
The Oxford Gold Group helps investors protect and grow their wealth by purchasing physical gold and silver for their IRAs and for home delivery as effortlessly and securely as buying bonds or stocks. That's why investors have turned to the security of gold and silver and the Oxford Gold Group.
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