Keep in mind that investing involves risk. The value of your investment will fluctuate over time, and you may gain or lose money.
Guidance provided is educational.
Views expressed are as of the date indicated and may change based on market and other conditions. Unless otherwise noted, the opinions provided are those of the speaker and not necessarily those of Fidelity Investments.
Be sure to consider all your available options and the applicable fees and features of each before moving your retirement assets.
* There is no cost to open and no annual fee for Fidelity's Traditional, Roth, SEP, and Rollover IRAs. A $50 account close out fee may apply. Fund investments held in your account may be subject to management, low balance and short term trading fees, as described in the offering materials. For all securities, see the Fidelity commission schedule (PDF) for trading commission and transaction fee details.
1. Traditional or Rollover IRA
2. The new employer may impose a waiting period.
3. You may take penalty free distributions from a qualified employer plan if you terminate employment with the employer sponsoring the plan during or after the year you reach age 55.
4. IRAs are protected under federal bankruptcy law; state law creditor protection of IRAs varies. Consult your legal adviser for more detailed information.
5. The taxable portion of your withdrawal that is eligible for rollover into an individual retirement account (IRA) or another employer's retirement plan is subject to 20% mandatory federal income tax withholding, unless it is directly rolled over to an IRA or another employer plan. (You may owe more or less when you file your income taxes.) If you are under age 59½, the taxable portion of your withdrawal may also be subject to a 10% early withdrawal penalty, unless you qualify for an exception to this rule. Be sure you understand the tax consequences and your plan’s rules for distributions before you initiate a distribution. You may want to consult your tax advisor about your situation.