My wife and I are trying to rollover the funds in our workplace 401Ks since we both retired several years ago. We are trying to consolidate all of our accounts at Fidelity, where we both have IRAs. The problem is that we have to liquidate or sell all of our 401K funds and then wait in limbo for the checks to arrive at Fidelity to reinvest. We would prefer to keep our funds invested. Every time I have rolled over funds in the past, I’ve come out for worse. That is, the markets rose during the time period while I was waiting for the rollover check to arrive and be available to reinvest.
In these days of instant electronic transactions, it’s ridiculous that rollovers can’t be handled instantly or at least within the same day. I’ve seen too many instances over the years when the markets make huge shifts in a few days. Why should investors have to wait in limbo? We could lose thousands of dollars waiting for a check to arrive.