- 401k can roll into new 401k or rollover IRA - rollover IRA can roll into rollover IRA only
Basically, your only choice as far as I know is to take the withdrawal with the early withdrawal and tax penalties, or move it into another rollover IRA with someone else.
If you're getting slammed with fees because the balance is too low, consider dumping a 401k into the IRA to raise the balance. I've never heard of a company charging fees on an IRA for it being too low balance, but banks have done crazier things.
If it were me, I would be looking for a different bank to keep the IRA with, or finding out if there is some way to avoid the fees with the current bank.
As a single data point, my rollover IRA is with Fidelity and they have been just fine to me (no fees). I chose them purely for the simplicity that my 401k was already with them that I was rolling out of when I first got it.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
no subject
Date: 2008-01-10 06:27 pm (UTC)- rollover IRA can roll into rollover IRA only
Basically, your only choice as far as I know is to take the withdrawal with the early withdrawal and tax penalties, or move it into another rollover IRA with someone else.
If you're getting slammed with fees because the balance is too low, consider dumping a 401k into the IRA to raise the balance. I've never heard of a company charging fees on an IRA for it being too low balance, but banks have done crazier things.
If it were me, I would be looking for a different bank to keep the IRA with, or finding out if there is some way to avoid the fees with the current bank.
As a single data point, my rollover IRA is with Fidelity and they have been just fine to me (no fees). I chose them purely for the simplicity that my 401k was already with them that I was rolling out of when I first got it.