401K questions?

You can directly transfer money from a 401K to IRA with no withholding, tax, or penalty at same or different trustee. But if you transfer your 401K to a non-IRA cash account anywhere, there is typically 20% withholding (which depending upon the amount is unlikely to cover tax) plus 10% penalty if under age 59.5.

Note that a direct transfer to another retirement account is technically not counted as a rollover for how many times you can rollover in a year. I lost my job in November, transferred my Principal 401k to Fidelity in February, then transferred half of that to a TD Ameritrade IRA in March. But I normally run Linux (not Windows) and Fidelity's Active Trader Pro is Windows only (even the browser version requires Microsoft Silverlight). TD Ameritrade's thinkorswim platform is a Java app that works in Linux providing real time data and charts. Also for some reason Fidelity would not approve me for options, other than covered calls. So in July I transferred my Roth IRA and the rest of my IRA to TD Ameritrade (but I get special trade commissions as a thinkorswim user from before TDA bought thinkorswim)....Show more

I think your overreacting, but you likely have a GIC or Stable Value option inside that 401K that you can transfer all the investment assets too and ride out the crash you expect. Likely though it won't happen, we just had a major crash, but a mild recession I could see....Show more

the best person to answer that is a fidelity representative - call or email...Show more

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