How Do You Get A 401(K) Into A Bank CD?
A 401(k) can be a wonderful investment tool for retirement. Eventually you’ll need to access the money and you may choose to transfer your assets to a bank certificate of deposit. This usually happens because you’ve retired or left your job. When this time comes you’ll have several options to complete your transfer. This is only one method you could use, and it requires you to contact your 401(k) management company first. Determine the financial institution to which you’d like to transfer your 401(k) funds. Each bank offers different rates and terms for CDs, so you’ll want to speak with several to find the best rate. The rate shouldn’t be your only consideration. Sometimes banks will require certain things, such as a checking account, to get a good rate. This isn’t always the best option if the bank is only offering a small percentage increase. Contact or visit a representative from the company managing your 401(k). Tell him that you’d like to schedule a transfer of your 401(k) to anot
