New guy - good threads to read on basics of retirement investing?

[hansome13]

I would like to apologize for not being clear about my accounts.

 

[SevenUp]

Then there is also a 401K, invested in a John Hancock mutual fund. ... The 401K is what I have questions about. I want to move it into a self funded IRA, that I have complete control over. This way, in 5 years, I should have a sizable emergency fund in case I need it.

Is the 401k from a previous employer, or with your current employer?

You may not be able to move it if it is with your current employer. If it is with a previous employer, talk with Fidelity, Schwab, Vanguard, etc. - wherever you want to hold your traditional IRA - and let that brokerage drive the transfer process.

 

[hansome13]

The 401K is with a former employer. I do not need the money, as I am working with a new employer. But as I am old enough to retire I would like to start getting paid...not into a checkng account but as a wealth building tool. To me, it would be a passive income source that I could draw from to further fund my retirement accounts.

 

[hansome13]

Your use of the term "pension" to mean a 401(k) account is very confusing, which I suspect is why you have not gotten many responses.

In general, you may transfer ("rollover") pre-tax money from a 401(k) from a former employer to a traditional IRA. For a former employer, you may do this at will. If we are talking about your current employer, the rules of that plan may or may not allow it.

Here is a chart from the IRS that shows the allowed rollover pairs: https://www.irs.gov/pub/irs-tege/rollover_chart.pdf

thanks for posting that chart, awesome information.