Fidelity 401K Withdrawal

[B. White]

For those of you with a Fidelity 401K, does it take a few days to move it from Fidelity to your bank account for a larger sum of money, or does it move quickly? I'm trying to work out some timing on a couple of things I will have going on and I'm not sure how much buffer to add for the transfer. I have my bank information setup for withdrawals, but have never made one. Thanks.

 

[Bob2010]

See if they can wire the funds. Will go fast! Watch out for fraud. Do the confirmation of account number verbally.

 

[BDD]

If you already have your banking information set up, it shouldn't take more than a few days. I had a check mailed and it took less then a week.

 

[Artfuldodger]

Will you have to pay taxes on it or are you moving it to another retirement plan?

 

[pjciii]

I have never had it take more than 3 to 4 days from start to finish. Excluding weekend. That is business Days. I usually plan on a week.

 

[georgiabound]

Mine took about 1 week.

 

[GeorgiaBob]

I would allow about 5 business days. I made about four transfers from a Fidelity IRA over about 5 years, the last to move the IRA to T Rowe Price. Each time I was promised the transfer would be completed in either one or two days. Each time, Fidelity did not present wiring instructions to their own bank for at least three business days. I still have accounts with Fidelity (no IRA's) but now I just expect them to be slow making a transfer and plan accordingly.

 

[365huntin]

Plan for two weeks if you can, be happy when it comes sooner!

 

[Jim Baker]

Never had a problem transferring cash from Fidelity to bank account.
I transfer from Fidelity IRA account to Fidelity brokerage account then to my bank.

 

[twtabb]

Hope it’s a transfer not withdrawal.
Uncle Sam will burn you a new one.

 

[B. White]

Hope it’s a transfer not withdrawal.
Uncle Sam will burn you a new one.

Yes, it is a withdrawal and I will have to pay tax but no penalties. It is a portion of gains over the last six months that I would rather see go into some real estate. I still have some in stuff that is supposed to be too risky for my age and I would rather see it put to use than moved into slower growth funds. I'm combining it with cash I have on hand that isn't making anything.