As your financial needs change, it’s not uncommon to reassess where you manage your retirement savings. Whether you’re consolidating accounts, exploring new investment options, or adjusting your overall strategy, transferring your Traditional IRA may help keep your retirement goals on track.
This guide breaks down the precise steps to move your traditional IRA from Fidelity to Citi Personal Wealth without risking unexpected tax complications.
At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. Please note that while we try to provide the most up-to-date information, these processes are subject to change without notice, so be sure to check with your provider before moving forward.
Step 1: Decide to Transfer Your Traditional IRA
Before starting a transfer, take time to assess your current investment setup and goals. Some individuals transfer IRAs to explore different investment offerings, consolidate accounts, or adjust to new financial services.
Here’s what to confirm before initiating the process:
✅ Your Fidelity Traditional IRA is eligible for transfer
✅ Citi Personal Wealth accepts Traditional IRA transfers
✅ You’ve reviewed your current IRA balance and holdings
✅ You understand any restrictions or conditions that may apply
Step 2: Open Your Citi Personal Wealth Account
Reach out to Citi Personal Wealth to open a new Traditional IRA. The application process typically includes:
✅ Providing personal and tax identification
✅ Submitting a government-issued ID (e.g., driver’s license)
✅ Entering funding or transfer details
📝 Tip: Have your Social Security number and a recent Fidelity IRA statement on hand for a smoother account setup.
Step 3: Request a Direct Transfer
To avoid potential taxes or penalties, initiate a trustee-to-trustee (direct) transfer between Fidelity and Citi Personal Wealth.
✏️ Real Example: A direct transfer means the funds are sent electronically from Fidelity straight to Citi—you never take possession of the money.
What’s typically required:
✅ Transfer of assets form from Citi Personal Wealth
✅ Your Fidelity account number
✅ Photo identification
✅ Authorization signatures
Step 4: Be Aware of Potential Transfer Fees
While Fidelity doesn’t usually charge for outgoing IRA transfers, it’s best to double-check. Likewise, confirm with Citi whether any incoming fees or admin charges apply.
📝 Note: Fees (if any) are generally minimal and may range from $0 to $75 depending on the provider.
Step 5: Check Investment Compatibility
Most common assets like stocks and mutual funds transfer in-kind. However, some specialized securities or low-priced stocks might need to be sold before transfer.
✏️ Hypothetical Example: If you own penny stocks trading under $1 per share, Fidelity might require selling these before transferring.
Step 6: Monitor the Transfer Timeline
Most IRA transfers are completed in 5–10 business days, though some may take longer depending on:
✅ Complexity of your portfolio
✅ Processing time from both institutions
✅ Any missing or updated documents
📝 Note: Follow up with both Fidelity and Citi Personal Wealth to ensure smooth processing.
Step 7: Avoid Tax Issues
A direct IRA transfer between two Traditional IRA accounts generally does not trigger taxes or early withdrawal penalties.
📝 Note: Confirm both accounts are labeled as Traditional IRAs to avoid complicating tax reporting.
Step 8: Final Check and Account Review
Once the transfer is complete:
✅ Verify the total transferred amount
✅ Compare new balances with your last Fidelity statement
✅ Confirm that assets arrived as expected (in-kind or cash)
✅ Save all paperwork and statements for your records
Final Thoughts on Transferring Your Traditional IRA
Transferring your Traditional IRA from Fidelity to Citi Personal Wealth is a detailed but manageable process. The most important steps involve:
✅ Using a direct, trustee-to-trustee transfer
✅ Ensuring account types match
✅ Gathering documentation and tracking the process
✅ Double-checking balances and investment positions after the move
Remember that each provider has its own procedures and timelines, so staying organized and following up if needed can help make the transfer smooth and stress-free.
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Disclaimer:
The Carry Learning Center is operated by The Vibes Company Inc. (“Vibes”) and contains generalized educational content about personal finance topics. While Vibes provides educational content and technology services, all investment advisory services discussed on this website are provided exclusively through its wholly-owned subsidiary, Carry Advisors LLC (“Carry Advisors”), an SEC registered investment adviser. The information contained on the Carry Learning Center should not be construed as personalized investment advice and should not be considered as a solicitation to buy or sell any security or engage in a particular investment, accounting, tax or legal strategy. Vibes is not providing tax, legal, accounting, or investment advice. You should consult with qualified tax, legal, accounting, and investment professionals regarding your specific situation.
The accounts, strategies and/or investments discussed in this material may not be suitable for all investors. All investments involve the risk of loss, and past performance does not guarantee future results. Investment growth or profit is never a guarantee. All statements and opinions included on the Carry Learning Center are intended to be current as of the date of publication but are subject to change without notice.
To access investment advisory services through Carry Advisors, you must be a client of Vibes on an eligible membership plan. For more information about Carry Advisors’ investment advisory services, please see our Form [ADV Part 2A] (https://files.adviserinfo.sec.gov/IAPD/Content/Common/crd_iapd_Brochure.aspx?BRCHR_VRSN_ID=916200) brochure and [Form CRS] (https://reports.adviserinfo.sec.gov/crs/crs_323620.pdf) or through the SEC’s website at [www.adviserinfo.sec.gov] (http://www.adviserinfo.sec.gov/).