Rolling Over a 401(k) into an IRA

Shoreline Financial Advisors makes rolling over an old 401(k) (or other old retirement savings plan from a former employer) simple for you. A Rollover IRA is a type of Traditional IRA with the same tax-deferred growth of savings and investments.


Below you will find an overview of the steps to take to make rolling over your 401(k) into an IRA a seamless process.

1. Call or contact us to open up a new IRA on your behalf.

The process is much easier than you may think!

2. Once your new IRA account is established, we will help you execute a direct rollover.

A common pitfall we help you avoid by requesting a direct rollover, also known as a trustee-to-trustee rollover, is to ensure you do not miss any deadlines.

If you do not request a direct rollover and instead choose to have a check made payable to you, your old employer must withhold 20% of the rolled-over account value on behalf of the IRS. This is done whether or not you indicate that you intend to roll it over into an IRA within 60 days. In order to invest your entire account balance into your new IRA, you will have to come up with the 20% that was withheld out of your own pocket. If you do not come up with the additional funds, it is considered a distribution and you will also owe a 10% penalty on the money if you are under age 59 ½. You will need to wait until you file your income tax return to receive credit for the 20% that was withheld by your employer.

3. We help you choose your investments by assessing your risk tolerance and investment timeline.

As an independent Registered Investment Advisor and fiduciary we put your interests first and will help you make the appropriate choices.

With our guidance, we can help you experience a seamless transfer.

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