How do I rollover my 401k into Carry?
Carry can accept rollovers from your existing retirement plans. If you have a 401k plan from your previous employer that you would like to rollover, first decide whether you want the funds to go to an IRA (traditional or Roth) or a solo 401k. We are able to handle all instances.
Next, check if your 401k provider offers a wire option. We generally recommend wire transfers over physical checks. If they do offer a wire option, you can select wire transfer as your funding source rather than linking a bank account in the app, and you’ll see wire instructions you can use for each account (Roth, Pre-Tax, etc).
If you prefer to mail in a check, you can get steps on how to write the check, along with mailing instructions, direct from within the Carry app.
Here’s what the rollover process typically looks like
First, set up your plan with Carry if you haven’t already. After you sign up to Carry, you’ll have the option to set up the retirement plans you with to open. For example, if you want to rollover your 401k to a solo 401k, go through the Carry Solo 401k Plan set up.
If you need to access any documents, you can find them all in the Documents page of your user profile.
Once completed, choose the Carry account that you want to transfer your 401k into. In this example, I’m going to rollover my 401k into my Carry Traditional IRA.
Once you’re on the Traditional IRA page, click the “Transfer or Withdraw” button.
A window will pop up. Select “Transfer to Carry” to move funds from an external account into Carry.
On the next page, enter the amount you want to rollover, what type of account you’re rolling over from, and where you want the funds to land. In this example, we’re moving over $10,000 from our Pre Tax 401k into our Carry Traditional IRA.
You’ll then be able to view wire instructions for the rollover.
If you need to mail a physical check or transfer the funds via ACH, you can get steps on how to write the check, along with mailing instructions direct from within the Carry app. And if you need any help or have any additional questions on effecting the rollover just let us know.
How long do rollovers take? For the rollover timing, we typically finalize the plan within one business day, and from there can provide instructions on how to roll the funds over, but broadly you can do so via wire transfer, ACH, or physical check depending on where the funds are right now.