You can roll over 401(k)s and similar employer-sponsored accounts directly into a Wealthsimple IRA account. The process involves reaching out to the relinquishing institution to request the rollover, filling out rollover paperwork (if applicable), and having the relinquishing institution send a check or wire to our brokerage.
You will need to open a Traditional IRA for an employer plan that contains pre-tax contributions or a Roth IRA for a plan that contains post-tax (Roth) contributions. If your retirement plan contains both pre-tax and Roth contributions, you can open both a Traditional IRA and a Roth IRA and initiate separate rollovers for each portion.
If you aren't sure what type of funds your retirement plan holds, you can typically check your statement to see if it mentions that your account is pre-tax (also called a Traditional 401(k)) or Roth (also call after-tax, post-tax, or Roth 401(k)). As a last option, you can also contact your plan provider ask them whether your retirement account is holding pre-tax or Roth funds.
When you're ready, you can add a Traditional or Roth IRA to your profile by logging in and visiting the Add Account Page.
Read more how to start your rollover: How do I move my 401k or other employer-sponsored plans to Wealthsimple?