How to Transfer Your Plan to a Solo 401k

If you have been using a retirement plan for some time, then you may want to transfer your assets to a solo 401k. These types of plans are designed to be held by a sole owner. In order to get the most from your transfer, you will need to make sure that it is done correctly.

Transferring from IRAs

The easiest way to transfer your money is to take it from an IRA account. This is known as rolling over, and can be done quickly and easily. You should begin by transferring your IRA assets into a rollover IRA. This will allow you to keep your assets, even after you transfer the most of the IRA into a 401k. You will then need to rollover any stock from other 401k accounts.

The Bridge Account

Once you have all the money in the one account, you can then rollover into the solo 401k. You may need to call your bank, but this process is usually fairly easy and does not provide too many problems. Usually, you will use the bridging IRA account, and the money will be placed into your 401k from that account.

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