So yesterday was my day. When can I move my 401k to an IRA? Do I have to wait the 60 days non working time, or can I do it whenever? I already signed the displacement documents.
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Your 401k will continue to be funded with your selected % through the notice period unless you have changed the contribution to 0%. After the notice period ends, you are moved to the severance period where the 401k contribution is no longer taken out. Folks should be prepared for their tax liability to increase without the pretax 401k deduction. Save $$$ now to make sure you don’t get caught short at tax time.
Do some research. The performance data for the Empower Premier Traditional IRA as of the most recent month-end, September 30, 2025, shows a 1-year return of 1.62%.
This figure reflects the performance of the fund as of that date and is not a guarantee of future results.
The return is net of fund operating expenses and other applicable charges, such as a Variable Asset Charge and Contract Maintenance Charge, which may vary by plan.
Current performance may be lower or higher than the data shown.
Create a self directed IRA or a SEP and get your funds out of Empower. I believe that this can be done before the 60 days. Since Wells shafted me on the match when I got laid off. If you will get a match then you might want to wait With a self directed IRA you can invest in Gold (GLD, AAAU), Bitcoin (IBIT). You can certainly do better than 1.62%! BTW create the SEP account and have Empower make a transfer directly to that SEP account. They do not have a wire service and their checks take forever -- but they do come and you are free from the old wall.
People left because of bad reading comprehension ?
@c6 Actually it's called "doing the needful". But you're right in that's the reason why most have left or want to.
@bv it’s called “helpful” and why most of us have left or want to.
Love how people are answering questions not even asked.
Congratulations!
@b8 I did the full self-directed Brokerage IRA. Basically can trade anything on the market, plus options.
I'm mostly buy-hold index guy anyway, but having the ability to hedge with options is neat.
You can also take Roth funds. I am currently doing so. You can take Roth, 401k, or a mix of both.
Me in prior post.
As noted, go with an Empower Premier IRA and there are some GREAT funds. I am currently split 70% on one 113% YTD, and 30% on one at 36% YTD. Rate of Return for IRA March 31 to present 37.63%. You also get free CFP assistance.
However, consider leaving $$ in your WF plan IF you are over the age of 55. There is something called 'Rule of 55' ('Separation from service' in IRS speak) if you are 55 or older and unemployed, either by force or by choice. If so you can take funds from your WF plain with NO FED PENALTY. You will still have to pay taxes unless you have Roth funds to withdraw. You will also have to pay state taxes unless you are in a state like Iowa which has no income tax on retirement funds.
I left $100k in my old WF 401k to pay my mortgage, and I have a kick-butt IRA that has made me a nice little bit so far... Yes, I could have simply paid off my mortgage in lump sum, but this way the balance of the account continues to earn while I take out my mortgage payment each month. I pay no Fed penalty. I am using Roth funds so I have no Fed taxes to pay. And I live in Iowa so I have no State taxes to pay.
Uhhhh... not really. Besides, go with an Empower Premier IRA (need to deposit >$250k) and there are some GREAT funds. I am currently split 70% on one 113% YTD, and 30% on one at 36% YTD. Rate of Return for IRA March 31 to present 37.63%. Only way you're getting that at Wells is with the WF stock option. And if were not already on that boat you have missed the train.
Truth is, you may want to leave it where it is. We have phenomenal fund options compared to outside the plan. Definitely do your research.
@at fine but that isn't what they asked, is it? They asked when can they move it into an IRA, and the answer is in 60 days. Age has nothing to do with it.
@ar People are mentioning the “rule of 55” so that the OP has maximum flexibility. If they don’t anticipate needing the funds, fine, they can roll it all over. But if they are in that age range and might need to access some funds, being able to do this without penalty increases their options. Simple as that. Not investment advice. Do your own research.
I dont know why all these people are putting age requirements down. You need to wait for the 60 days for your official termination, then you can call empower and ask them to roll it into an individual IRA. Work with both and make sure it is a direct rollover between institutions and you wont have any issues.
No taxes or penalties for this.
If you are 55 or older, you can access your 401k without penalty (still have to pay taxes though). However, if you move it all to an IRA, you can no longer access any of it penalty free until 59.5 yrs old.
If you're 55 and think you might want to access some of the funds, figure out what you may want and keep that at WF - again, that's only if you're at least 55 yrs old now - and move the rest.
Congrats!!
@OP if you are over 55, but not yet 59.5, you might leave it. You can take money from a traditional 401k (but not a Roth 401k) without a penalty when you leave an employer if you are over 55. Otherwise, I agree with waiting for the match, just to simplify moving it once.
If you are over 55 1/2 you can move it anytime to an IRA
Wait until after the 60 days. Technically you are still an employee and should still get the match.