How to Transfer Money from Empower Retirement to Fidelity
Transferring money from one retirement account to another can be a crucial step in managing your financial future. If you are considering transferring funds from an Empower Retirement account to a Fidelity account, it’s important to understand the process and the potential benefits. In this article, we will guide you through the steps of how to transfer money from Empower Retirement to Fidelity, ensuring a smooth and hassle-free transition.
Step 1: Gather Necessary Information
Before initiating the transfer, gather all the necessary information to ensure a smooth process. This includes your Empower Retirement account number, Fidelity account number, and any other relevant details required for the transfer. Having this information on hand will help speed up the process and minimize any potential delays.
Step 2: Contact Empower Retirement
Contact Empower Retirement to initiate the transfer process. You can do this by calling their customer service hotline or visiting their website. Inform them of your intention to transfer funds to a Fidelity account and provide them with the necessary information. They will guide you through the next steps and provide you with the appropriate forms or instructions.
Step 3: Complete the Transfer Request Form
Once you have received the transfer request form from Empower Retirement, carefully fill it out. Provide all the required details, including your account numbers, contact information, and the amount you wish to transfer. Double-check the information for accuracy before submitting the form.
Step 4: Review and Sign the Transfer Agreement
After completing the transfer request form, you will need to review and sign the transfer agreement. This agreement outlines the terms and conditions of the transfer, including any fees or tax implications. Make sure you understand all the terms before signing, and keep a copy of the agreement for your records.
Step 5: Submit the Transfer Request
Submit the completed transfer request form and the signed agreement to Empower Retirement. You can do this either by mail or by email, depending on their preferred method of submission. Ensure that you keep a copy of the submitted documents for your records.
Step 6: Monitor the Transfer Process
Once Empower Retirement receives your transfer request, they will initiate the process of transferring the funds to your Fidelity account. Monitor the process to ensure that the funds are transferred within the expected timeframe. If any issues arise, contact Empower Retirement or Fidelity for assistance.
Step 7: Confirm the Transfer with Fidelity
After the funds have been transferred to your Fidelity account, log in to your Fidelity account and confirm the receipt of the transferred funds. This will ensure that the transfer was successful and that the funds are now available for your retirement planning needs.
Conclusion
Transferring money from Empower Retirement to Fidelity can be a straightforward process when followed correctly. By gathering the necessary information, contacting Empower Retirement, completing the transfer request form, and monitoring the process, you can ensure a smooth and hassle-free transfer of funds. Remember to keep copies of all documents for your records and consult with a financial advisor if needed.
