Transfer 401K to Target

Joined
Aug 31, 2020
Messages
8
Hello everyone!

I currently have a 401K with another company and I would like to know if I can move it to Target. I’m also brand new in the company (less than a month). I do still have access to my old employer 401K.
 
Joined
Dec 17, 2015
Messages
281
I would reach out to your bank and set up a Roth account there and have the 401k either transferred or they can issue a check in the account name.
 

buliSBI

Former Team Member
Joined
Jun 17, 2011
Messages
3,572
Hello everyone!

I currently have a 401K with another company and I would like to know if I can move it to Target. I’m also brand new in the company (less than a month). I do still have access to my old employer 401K.
If your previous company requires you to transfer your 401k, roll it over to an IRA. Then wait till you eligible for a Target 401k.
 
Joined
Aug 31, 2020
Messages
8
Hello everyone,

To update about this:

I’m currently enrolled in the 401K. I received the rollover paperwork to transfer from my old employer 401K to Target. Part of the paperwork say that the check has to be payable with a specific name which would not be the one that would be generated if I do the termination withdrawal on my old 401K.

How I can make the check payable with the name that Target requires? Do this even matter? Any help would be appreciated!
 
Joined
Nov 9, 2014
Messages
917
Visit targetpayandbenefits.com
Sign in using your workbench login
Go to the Savings & Retirement menu and browse the FAQ or Financial Education for guides to help you decide what is your best course of action.

personally, if you don’t need to move it, don’t. You’ll get the most out of it leaving it where it is. If you do, consider transferring it into a Roth 401k (Target does have one) or into a personal brokerage like Vanguard or Schwab. Target does offer an advisor service if you’re not savvy, they also have pre-sorted funds that align to your retirement age.

But time has proven that a 500 index fund will typically grow with consistency. If you don’t know what that is, then you should consider asking an advisor for guidance.
 
Top