How to Transfer a 401k from Fidelity to T. Rowe Price

Retirement account transfers can sometimes feel like navigating a financial maze, especially when you are looking to consolidate your investments or find a platform that better fits your long-term strategy. You may be considering moving your 401k from Fidelity to T. Rowe Price to access different investment options or align with specific retirement goals.

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 T. Rowe Price 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: Understand Your 401k Transfer Options

Transferring a 401k from Fidelity to T. Rowe Price requires careful planning and attention to detail. The process involves moving your retirement funds between two financial institutions while maintaining the tax-deferred status of your investments.

A direct rollover is generally the most straightforward method for transferring your 401k. This approach may help you avoid potential tax consequences and support a smooth transition of your retirement savings.

Step 2: Prepare Your Accounts

Before initiating the transfer, you’ll need to set up a new retirement account with T. Rowe Price. Many individuals choose to open a Rollover IRA, which is designed to accept funds from a previous employer’s 401k plan.

What You Might Need:

✅ Your current Fidelity 401k account number

✅ Social Security Number

✅ Government-issued photo ID

✅ Contact information for both Fidelity and T. Rowe Price

✅ Recent 401k statement from Fidelity

Step 3: Initiate the Direct Rollover

Once your T. Rowe Price account is set up, contact Fidelity to request a direct rollover of your 401(k) funds into your new T. Rowe Price IRA. Ensure you specify that it’s a direct rollover to avoid potential tax implications.

📝 Pro Tip: Direct rollovers help prevent potential tax withholding and reduce the risk of unexpected taxes or penalties.

Step 4: Complete the Necessary Paperwork

You’ll need to fill out rollover forms with both Fidelity and T. Rowe Price. Provide accurate details about your existing 401k and your new Rollover IRA. Be prepared to verify your identity and confirm account information.

✏️ Hypothetical Example: John contacts Fidelity and requests a direct rollover of his 401k to a new T. Rowe Price Rollover IRA. He provides his account details and follows the instructions for completing the transfer.

Step 5: Verify Transfer Details

Ensure the transfer is completed within 60 days to avoid potential tax consequences. Follow up with both Fidelity and T. Rowe Price to confirm the transfer has been processed correctly.

Step 6: Understand Potential Fees

Most 401k transfers do not incur transfer fees, but it’s important to confirm any associated costs:

✅ Fidelity typically does not charge outgoing transfer fees

✅ T. Rowe Price may have administrative or account maintenance fees

✅ Investment-related expenses may apply based on your portfolio selections

Step 7: Tax Considerations

A direct rollover is generally a non-taxable event. The funds move directly between financial institutions, preserving their tax-deferred status. However, you should consult a tax professional to understand how the transfer fits into your overall retirement strategy..

Step 8: Final Verification

After the transfer is complete, review your new T. Rowe Price account to ensure:

✅ All funds have been transferred correctly

✅ Investment selections align with your retirement goals

✅ No unexpected fees or charges are present

📌 If you need any additional guidance, be sure to check out these related articles:

Final Thoughts on Your 401k Transfer Journey

Transferring a 401k from Fidelity to T. Rowe Price is generally  a straightforward process that requires careful attention to detail. Key takeaways include opting for a direct rollover to help avoid potential tax consequences, ensuring that all required steps are completed promptly, and verifying all account information with both providers. While the transfer itself typically does not involve direct costs, it is important to review and understand any potential administrative or investment-related fees associated with your new account. 

As with any financial decision, consider consulting a tax professional or financial advisor to ensure the transfer aligns with your broader retirement strategy.

📌 Want to dive deeper? Here are some other helpful (and free) resources:

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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.

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