See Jane Get Rich

Spring 2010 Financial Goals

2. Roll over 401(k) from my holiday job to a Roth or transfer it to my brokerage

One of my Spring financial goals included rolling over the 401(k) I contributed to during my holiday job this past Christmas break.  I contributed 50% of my paycheck which was a grand whopping total of $527.00!   I was planning to do a direct rollover but since I was no longer an employee and my funds were less than $1k the Big Box Retailer, my former employer, closed out my 401(k) and cut me the check in February.  

Since the check was in my name, I could no longer do a  direct roll over and opted to do an indirect roll over.  This constituted of me opening a traditional IRA account with my broker/dealer and depositing the check with them within 60 days.  So, I opened an account on Friday and this morning I went over and deposited  my whopping $527 in the IRA.  The IRA had a minimum of $500 and I was so glad to have had enough to meet the minimum and continue to put that money towards retirement.  Although it is a very tiny amount, I am sure my $527 will grow mighty in 30+ years!