Access your existing Wells Fargo IRA by calling a representative at 1-800-237-8472 between 8:00 a.m. and 10:00 p.m. Eastern Time (Monday through Friday) or between 8:00 a.m. and 5:00 p.m. Eastern Time on Saturday.
Simply so, what happened to my Wells Fargo Retirement Account?
Wells Fargo is saying goodbye to its retirement–plan business as the bank continues to grapple with penalties, legal fees and a backlash over its scandals. Principal Financial (PFG) signed a $1.2 billion deal on Tuesday to acquire Wells Fargo’s (WFC) institutional retirement and trust business.
Consequently, can I withdraw money from my Wells Fargo Retirement Account?
You have immediate access to your retirement money and can use it however you wish. Although distributions from the plan are subject to ordinary income taxes, you avoid the 10% additional tax on distributions taken if you turn: Age 55 or older in the year you leave your company.
How much should I have saved for retirement?
Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.
Transferring Your 401(k) to Your Bank Account
You can also skip the IRA and just transfer your 401(k) savings to a bank account. For example, you might prefer to move funds directly to a checking or savings account with your bank or credit union.
Wells Fargo states that you’ll typically receive a 401(k) check in the mail “a few weeks” after making the request; other providers may be slower or faster. Ask when you can expect to receive your payment and if possible, link a bank account to your 401(k) so you can receive funds quicker by electronic means.
Transfer funds at any time
To transfer funds to or from your brokerage accounts, simply sign on to Wells Fargo Online® and select Transfer and Pay.
If you’re unable to find an old statement, you still may be able to find the administrator by searching for the retirement plan’s tax return, known as Form 5500. You can find a 5500s by the searching the name of your former employer at www.efast.dol.gov.
Online resources such as missingmoney.com and unclaimed.org allow you to search for assets in any states in which you’ve lived or worked. And if you do find money from an old 401k that’s owed to you, it’s often as easy as filling out a simple online form to get it back.
To track other resources you may have in retirement, start by getting your Social Security statement and an estimate of your retirement benefits on the Social Security Administration’s website, www.socialsecurity.gov/mystatement.
If you withdraw funds early from a 401(k), you will be charged a 10% penalty tax plus your income tax rate on the amount you withdraw. In short, if you withdraw retirement funds early, the money will be treated as income.
Options available to you include the choice to cash out the plan or rollover your 401(k) plan balance into an IRA. Rolling over the balance into an IRA is a non-taxable transaction, which allows you to avoid paying penalty fees or income taxes if filed in keeping with legal regulations.
Wells Fargo is committed to your financial success and provides the 401(k) Plan to help you save for retirement. Currently, Wells Fargo matches your contributions – dollar for dollar – up to 6% of your eligible pay on a quarterly basis, after you complete one year of service.