Orlando, FL — CFP™ Guidance
Left a job and not sure what to do with your old retirement account? Sylvia Linares-Williams, CFP™ helps Orlando-area clients move their 401(k) into an IRA without triggering taxes, penalties, or costly mistakes.
The Basics
A 401(k) rollover moves your retirement savings from a former employer's plan into an account you control, typically an IRA. When done as a direct rollover, no taxes are withheld and no penalties apply.
Your old plan sends funds directly to your new IRA or employer plan. Nothing is withheld for taxes. This is the cleanest, lowest-risk method.
Your old plan issues a check to you directly with 20% withheld for federal taxes. You have 60 days to deposit the full original amount or the shortfall becomes a taxable distribution with a possible 10% penalty.
Decision Framework
The answer depends on your plan's fees, investment options, and your situation.
Side by Side
Three common options when you leave a job. Each has tradeoffs worth understanding before you decide.
| Factor | Roll Over to IRA | Leave in Old Plan | Roll to New Employer Plan |
|---|---|---|---|
| Investment choices | Broadest — stocks, bonds, ETFs, mutual funds | Limited to plan menu | Limited to new plan menu |
| Fees | Often lower — no plan admin layer | Varies — may be high | Varies by new employer |
| Required Minimum Distributions | Start at 73 (traditional IRA) | Start at 73 | Can delay if still working |
| Creditor protection | Varies by state (FL is strong) | ERISA protection | ERISA protection |
| Loan access | No loans from IRA | May allow loans | May allow loans |
| Rule of 55 access | Does not apply | Applies if 55+ at separation | Applies to new plan only |
| Consolidation | Easiest — combine multiple old accounts | Stays separate | One new plan |
How It Works
Four steps from first conversation to fully invested.
Sit down with Sylvia at the Orlando office or join by Zoom. Bring your most recent 401(k) statement. We review your account, fees, and options at no cost.
We look at what you have now, what an IRA rollover would give you, and whether staying in the plan or moving to a new employer plan makes more sense for your situation.
If a rollover is the right move, we initiate a direct rollover from your old plan. Funds transfer plan-to-plan with no taxes withheld.
Once your IRA is funded, we build an investment allocation aligned with your retirement timeline, risk tolerance, and income goals.
Sylvia helps Orlando-area clients navigate 401(k) rollovers, pension decisions, and retirement income planning. Registered with FINRA, affiliated with Kestra Investment Services. Verify CFP™ at CFP.net
Common Questions
Answers to the questions we hear most often from clients thinking about a rollover.
What is a 401(k) rollover?
A 401(k) rollover transfers your retirement savings from a former employer's plan to an IRA or new employer's plan. Done as a direct rollover, the money moves plan-to-plan with no taxes withheld and no penalties.
Should I roll over my 401(k) to an IRA?
Rolling over to an IRA typically expands your investment options, reduces fees, and gives you more flexibility in retirement income planning. Whether it makes sense depends on your current plan's cost, your age, and your financial goals. A CFP™ can compare both options with your actual numbers before you decide.
How long do I have to roll over a 401(k)?
If you take an indirect rollover (check made out to you), you have 60 days to deposit it into an IRA or new plan. A direct rollover has no 60-day limit. Most clients choose a direct rollover to avoid the withholding and deadline risk.
Will I owe taxes on a 401(k) rollover?
A properly executed direct rollover from a traditional 401(k) to a traditional IRA is a non-taxable event. If you roll a traditional 401(k) into a Roth IRA, that conversion is taxable in the year it occurs. Sylvia can walk through the tax impact before you initiate anything.
What is the difference between a direct and indirect rollover?
A direct rollover sends funds from your old plan straight to your new IRA with no taxes withheld. An indirect rollover issues a check to you with 20% withheld for federal taxes. You must deposit the full original amount (including the withheld portion) within 60 days or the shortfall becomes taxable income, potentially with a 10% early withdrawal penalty.
Can I roll over a 401(k) while still employed?
Generally, no. Most plans require a triggering event like leaving the employer or reaching 59½. Some plans allow in-service distributions at 59½. Sylvia can review your plan documents to determine your options.
Where can I get help with a 401(k) rollover in Orlando, FL?
Start Financial Plan offers free Saturday advisory sessions where Sylvia Linares-Williams, CFP™ reviews your 401(k) and walks through your rollover options with no obligation. Sessions are every Saturday at 10:30 AM at 2420 S Lakemont Ave, Suite 120, or via Zoom. Call (407) 644-4686 to schedule.
Related Resources
A 401(k) rollover is one piece of a larger retirement picture.
Leaving a job with a pension? Understand your lump sum and annuity options before making an irrevocable decision.
Every Saturday at 10:30 AM, in-office or via Zoom. Bring your statements and your questions.
Wednesday classes cover retirement income, Social Security, IRAs, and more. In-person and Zoom available.
The 6-week Dave Ramsey-aligned program for clients who want a complete financial foundation.
Join Sylvia on a Saturday morning, in-office or by Zoom. Bring your statement and get a clear answer on your rollover options at no cost.
Reserve a Saturday Spot