401(k) & 403(b) Rollovers

Changing jobs? Wondering what to do with your retirement accounts? At Magnolia Wealth, we guide you through your options so your 401(k) or 403(b) continues to work for your future.


Your Rollover Options:

Direct Rollover

  • Funds move directly from your old plan to a new 401(k), 403(b), or IRA
  • No taxes withheld
  • Simple and hassle-free

Indirect Rollover

  • You receive a check from your old plan
  • Must deposit into a new account within 60 days
  • Miss the deadline → taxes and penalties may apply


Why Roll Over Your Account?

  • Access More Investments: Employer plans can be limited. Rolling over gives you more options tailored to your goals.
  • Reduce Fees: Some plans have high administrative or investment costs. A rollover can lower your expenses.
  • Simplify Your Finances: Consolidate multiple accounts from past jobs into one IRA or plan.


Key Things to Keep in Mind

  • Timing matters: Indirect rollovers must be completed in 60 days.
  • Direct rollovers are safer and avoid extra taxes or paperwork.
  • Options when leaving a job:
    - Leave money in your old plan (if allowed)
    - Roll over to a new employer plan
    - Roll over to an IRA
    - Cash out (usually triggers taxes & penalties)


Next Steps

Every situation is unique. Speaking with a fiduciary financial advisor ensures you choose the rollover strategy that aligns with your long-term goals.