So my job just closed recently and I’ve been wondering whether to roll my 401k into my IRA, or to just hold it and roll it into the 401k of whatever my next job will be. I eventually decided on the IRA option, but it didn’t occur to me that roth investments had to go into a roth IRA, and traditional into traditional. When I first set up the plan, I didn’t really know what anything meant and it just defaulted to traditional contributions. After a while I got a vague idea of what the differences were so I switched to roth investments because I wasn’t making a ton of money at the time. The money in the 401k is basically a 50/50 split of traditional and roth contributions, while the IRA is a Vanguard roth account.
What happens when I try to roll this over? Will it only take the roth half of the 401k into my IRA? Do I need to have both a roth and traditional IRA before I’m even capable of doing it so that it can roll over into both?
When you rollover, the traditional half will go into a traditional rollover IRA and the Roth half will go into a Roth rollover IRA. You don’t need to open another account, it will be created during the rollover process.
You need both a traditional and roth IRA at Vanguard. Two separate accounts. Then you will do two separate rollovers. I recently did this for a family member. Do not rely on online systems/forms to do this. I would suggest calling Vanguard, asking for a retirement specialist and they should be able to walk you through the process. They will even offer to get on 3-way phone call with your 401k custodian and make sure it is done correctly.
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