You can rollover your 401(k) to an IRA at the financial institution of your choice. This gives you access to many more investment options, including individual stocks, real estate investments and commodities. You’ll have more flexibility to manage your investments over time and maximize your returns. Always make sure you understand the annual fees you will be charged for your Rollover IRA.
Ask your plan provider to do a direct rollover, where they transfer your funds directly into the IRA account. You will need to fill out forms. Otherwise, if they give the money directly to you, they will withhold 20% for taxes. You have 60 days to put that money into an IRA, but you will also have to deposit the 20% that was withheld—a complication that’s best to avoid.