Looking for recommendations for post-retirement place to rollover the Honeywell 401k. The $20 per withdrawal fee doesn't make it seem like a friendly place to keep your money in retirement. Thanks.
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Costs associated with the Honeywell 401K Plan is top notch compared to other 401K Plans. The costs change year over year. I would watch those costs very closely since they do not appear on your statements and they change each year. I'm referring to the individual fund costs. Roll the funds into Vanguard or Fidelity will allow more options. But the rollover will expose you to more risk to civil liabilities. The $20 withdraw fee seems kind of steep. The fee does not seem very steep if you withdraw your funds on an annual basis like the experts recommend.
401k has more protection against creditors and lawsuits than an IRA so do your research
If you are in a car accident that is your fault they can sue and potentially get your IRA but not your 401k. Laws vary per state so do some research
I did a rollover to Fidelity and could not be any happier. The happier part could be because of the severance pay and not having to get up and walk into that place anymore (AERO).
I managed my 401K pretty well by myself. Now having a Fidelity managed account allows me to enjoy being retired, although I still check out the account everyday.
An advantage to rollover is you will have more options for investments. U can buy any stock you want, even inverse fu ds, whereas in Voya I belive the investment options are limited. This may actually not be good as you may get tempted to take more risk.
You may want to look into this further before rolling out of Voya. A tax guy friend told me that the fees were not too bad. You are in control of your money with out someone else playing with it. You can set up monthly, quartly, yearly withdraws. I am leaning tword leaving mine there when retiring soon. If you have done well managing your 401k there why let someone else mess with it. Do some research.
As of July of this year the rollover is still the same process as mentioned in the first post. Provide them the account number.
I can recommend a rollover into Fidelity, Vanguard, or T. Rowe Price. Last I heard, Honeywell will not do this rollover electronically. Several years ago they would only send you a check made out to your new IRA account (and account number) that you can forward to your IRA provider. Honeywell will need the account number at your new provider for this check. So you will need to open your new account before requesting your withdraw. Hope this helps. And Best of Luck in your new found freedom.