Retirement accounts aren’t just numbers on a screen — they’re a reflection of your long-term goals. As your financial priorities shift over time, you may find that a different provider better supports your current investment strategy. Whether you’re consolidating accounts, seeking different portfolio options, or exploring Citi Personal Wealth’s advisory services, transferring your 401k can be a practical step toward aligning your retirement plan with your evolving needs.
At Carry, we want to make financial decisions feel more manageable, even if you’re handling them outside our platform. This guide breaks down the steps to transfer your 401k from Fidelity to Citi Personal Wealth smoothly and penalty-free. 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: Check Your Existing 401k at Fidelity
Before starting the transfer, examine the details of your existing Fidelity 401k. This means confirming your balance, understanding your investment allocations, and checking for any restrictions that might delay or limit your rollover. Review the following:
✅ Current balance and fund breakdown
✅ Investment portfolio details
✅ Any outstanding loans or pending transactions
✅ Recent account statements
📝 Quick Tip: Some employer-sponsored 401k plans may have timing restrictions or eligibility rules for rollovers. Be sure to review your plan documents or call Fidelity for clarification.
Step 2: Open a Rollover Account at Citi Personal Wealth
To receive your 401k funds, you’ll need to establish a Rollover IRA with Citi Personal Wealth. Their team can walk you through the specific steps and documentation needed to open the account.
✏️ Hypothetical Example: John opened a Rollover IRA after providing his Fidelity account number, government-issued ID, and personal contact details.
📝 Important Note: Be sure to select a Rollover IRA, not a standard IRA, to preserve the tax-deferred status of your transferred funds.
Step 3: Select the Appropriate Transfer Method
The most efficient and tax-advantageous method is a direct rollover, where your funds are sent directly from Fidelity to Citi Personal Wealth. This eliminates the risk of taxes or penalties.
Key transfer options:
✅ Direct rollover (funds move directly between institutions)
✅ Trustee-to-trustee transfer
❌ Avoid indirect rollovers to prevent potential tax penalties
✏️ Hypothetical Example: Sarah chose a direct rollover and avoided complications from the 20% automatic withholding applied to indirect transfers.
Step 4: Prepare Required Documentation
Having the correct documents on hand will help expedite your request.
✅ Valid government-issued photo ID
✅ Most recent Fidelity 401k statement
✅ Citi Personal Wealth account information
✅ Social Security Number
✅ Contact information for both financial institutions
📝 Pro Tip: Verify that your name, SSN, and contact information match exactly on both accounts to prevent delays.
Step 5: Initiate the Transfer Request
After opening a Rollover IRA account with Citi Personal Wealth and submitting the necessary documents, contact Fidelity to inform them of the impending transfer. Ensure that the transfer is processed as a direct rollover to avoid potential tax implications. You’ll need to complete transfer request forms from both institutions.
Typical transfer request steps:
✅Requesting Citi’s rollover paperwork
✅Submitting Fidelity’s authorization form
✅Confirming the transfer method and amounts
✅Double-checking account numbers and personal details
📝 Tip: Errors in account information are one of the most common causes of transfer delays — check everything twice.
Step 6: Understand Potential Transfer Fees
While Fidelity usually does not charge for outgoing transfers, it’s wise to confirm if either institution has fees tied to the process.
Possible costs to look for:
✅ Account setup fees
✅ Transfer processing charges
✅ ACATS (Automated Customer Account Transfer System) fees
✏️ Hypothetical Example: Mark discovered a $65 ACATS fee on his transfer — lower than he expected, but still important to factor in.
Step 7: Navigate Tax Considerations
Tax penalties can occur if your transfer is not completed correctly or within the allowed time frame.
Key tax guidelines:
✅ Use a direct rollover to avoid early withdrawal taxes
✅ Complete any required paperwork within the 60-day window
✅ Keep detailed records for tax season
✅ Consider consulting a financial advisor for complex transfers
📝 Important Reminder: Missing the 60-day window could result in significant tax penalties.
Step 8: Confirm the Transfer Completion
Once the rollover is initiated, monitor both your Fidelity and Citi Personal Wealth accounts.
Checklist for verification:
✅ The final transferred amount matches your original 401k balance
✅ No unexpected deductions occurred
✅ Investment preferences have been implemented or reallocated as needed
✅ Statements from both institutions reflect the completed transfer
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Wrapping It Up
Transferring your 401k from Fidelity to Citi Personal Wealth involves thoughtful planning and close attention to the process. Key considerations include opting for a direct rollover to avoid unnecessary tax consequences, completing all required steps within the 60-day window, and thoroughly reviewing your documentation before submission.
Always confirm the specific procedures and timelines with both financial institutions to ensure a seamless transition. Keep in mind that each investor’s financial goals and circumstances are different, so be sure the strategy you choose aligns with your long-term retirement plan.
📌 Want to dive deeper? Here are some other helpful (and free) resources:
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/).