Beagle is your retirement concierge
Find your old 401(k)s
- Discover your 401(k) hidden fees
- Rollover and save thousands
- Unlock your 401(k)s and IRA
- ...and more!
WE’VE HELPED PEOPLE FROM
WHAT WE DO
Take care of the complexities of your retirement
Beagle will track down all your old 401(k)s for you. All for free. Sign up only takes 3 minutes.
Beagle can show you all of the hidden fees that are robbing your retirement of thousands of dollars.
With 1 click, you could rollover to a better retirement account, save thousands and never worry about tracking your 401(k)s again.
WHAT YOU GET
Peace of mind
It’s not chump change
With the average person changing jobs every 4 years, over $3.1 trillion dollars have been left behind at old jobs collecting huge fees. And with the average 401(k) account worth $112,300, a single lost account can really affect your retirement.
It’s your money. Don’t lose it
At Beagle, we were tired of how hard it was to keep track of our old 401(k) accounts. We never knew where they all were, if they were making money or what fees we were paying. That’s why we made the easiest way to find all of your 401(k)s.
Know what you’re paying
The average 401(k) charges a whooping .97% in fees! That could be costing you 28% of all your retirement money. Let Beagle calculate those fees for you so that you get a sense of how much you are losing on fees.
Lower fees made easy
You can easily select an existing IRA custodian of your choice or if you don’t have one, Beagle is teaming up with top IRA providers to offer you an industry-leading low fee robo-advisory solution to bring you a better way to save for retirement. Combine all your 401(k)s in one place and cut your current fees by up to 3x. Signup only takes 3 minutes.
WE'RE HERE TO HELP
What’s a 401(k) plan?
A 401(k) is a retirement plan that employers provide to their employees. Employees contribute to the 401(k) through automatic paycheck deductions. The employer may match part or all of the employee’s contribution up to the dollar limit determined by the Internal Revenue Service (IRS), which is $19,500 for employees under 50 years, and $26,000 for employees 50 years and above in 2020/21, or 100% of the employee’s wages, whichever is higher. For example, the employer may contribute 40 cents for every dollar that the employee contributes.
Employees enjoy a tax break on their 401(k) contributions. The contributions deducted from the employee's paycheck are automatically invested in specific investments from a list of available offerings that may include stocks, mutual funds, bonds, employer's own stock, and guaranteed investment contracts. These investments are typically tax-free, until after the employee withdraws the earnings after retirement. If the employee withdraws the earnings post-retirement, the money is taxed at the ordinary tax rate, depending on their tax bracket. For Roth 401(k) withdrawals, the money can be tax-free.
How do I find my old 401(k)?
If you are trying to find the money left in your former employer’s 401(k), here are possible places to find them:
If you are trying to find your old 401(k), you can use an online service such as Meetbeagle.com. Beagle allows you to track your old 401(k) for free to see the hidden fees charged to your account, and rollover to a better retirement account with just one click.
What are 401(k) fees?
401(k) fees are the costs charged to your 401(k), and they range anywhere from 0.5% to 2% of the value of assets, depending on the plan provider, size of the employer's 401(k) plan, and the number of participants.
The US Department of Labor groups the 401(k) fees into the following categories:
What's a 401k rollover?
A 401(k) rollover is a transfer of funds from your 401(k) plan account to a new plan or Individual Retirement Plan. When you move between jobs, you can transfer your old 401(k) to the new employer’s 401(k) plan or a retirement plan provided by a financial institution, also known as an IRA. An IRA allows you to invest in almost every type of asset, including stocks, mutual funds, real estate investment trusts (REITs), bonds, etc.
The IRS requires retirement plan distributions to be transferred to a 401(k) or IRA within 60 days to enjoy tax breaks. A 401(k) rollover can take the following two forms:
A direct rollover is where the funds from the 401(k) are transferred electronically into the IRA without going through the account holder, also known as custodian-to-custodian transfers.
An indirect rollover is where the 401(k) institution sends a paper check to the account holder, who is then required to deposit the check to the new IRA. The 401 (k) administrator may withhold 20% tax from your savings. You must deposit the full account balance, including the amount withheld as taxes, within 60 days from the date you received the distribution.
For example, if the 401(k) account balance was $15,000, and the employer mails you a check for $12,000, $3,000 or 20% is withheld for taxes, and deposit the full balance of $15,000 into the new retirement account. The IRS will refund you the $3000 that the employer held back as tax.
Why do people rollover their 401(k)s?
When you change jobs, one of the options you have is to rollover the plan into the new employer’s 401(k) or an Individual Retirement Account with a financial institution. While cashing it out is an option, you are likely to pay high taxes and penalties on the money you withdraw. Hence, a rollover presents your best bet on your retirement funds. Here are some common reasons why people rollover their 401(k):
What’s an IRA?
An IRA is an individual retirement plan that allows individuals to enjoy tax benefits on their retirement savings. It is an alternative to a 401(k) plan, which may limit the employee’s ability to accumulate sufficient retirement income. An IRA has greater retirement benefits, a wider pool of investment options, and the individual may grow their savings quicker due to the low fees and tax breaks compared to a taxable 401(k) plan.
Can I cash out my 401(k)s instead of rollover?
Yes, you can cash out your 401(k) instead of a rollover, but you should try to avoid it as much as you can. Cashing out before you are 59 ½ years is considered an early withdrawal, and the dollar amount is taxed at the ordinary tax rate depending on your tax bracket, and an additional 10% penalty tax. Rolling over your 401(k) provides greater tax savings and benefits than cashing out, and the former is considered a poor financial decision.
Do I need to pay tax or penalties for the rollover?
No, you don’t, but there is a 60-day deadline you must meet. If you roll over your savings from a 401(k) to a traditional IRA, and the rollover includes the entire savings, the transaction is not taxable until you withdraw the money. When initiating a rollover, ask your 401(k) administrator to draft and send a check directly to the IRA or new 401(k) if the new employer agrees to it. The transaction must be completed within 60 days from the date of distribution, and you will not be required to pay taxes or penalties on the distribution. If you miss the 60-day deadline, the distribution will be taxed at the ordinary tax rate, and you will owe an early distribution penalty if you fall under 59 ½ years.
How do I do a rollover?
Follow these steps to roll your 401(k) into an IRA:
Rolling over your 401(k) plan is a hectic process. Instead of stressing yourself with all these processes, you can use Beagle to rollover your 401(k) funds into an alternative individual retirement account with more investment options and lower fees.
Are you helping me with my 401k rollover? What do I still need to do?
Beagle helps you find your old 401(k) and rollover to a better IRA with low fees and taxes. To get started, sign up here for free and follow the onscreen instructions to transfer your funds into a better tax-advantaged IRA and manage your funds in one place.
How long will the rollover process take?
Once you initiate a rollover request, rollover transfers can take 4 days to 2 weeks to complete. These timelines can vary depending on the financial institution managing your 401(k) plan and how the funds are requested. Direct transfer from your 401(k) to another retirement account can take 3 to 5 days to complete, while indirect transfers that involve sending a paper check to the employee for deposit to the new retirement account can take 1 to 2 weeks due to check mailing and delivery.
Can I rollover my 401(k) into a Roth IRA?
The answer is “Yes”, but you can only rollover your 401(k) after leaving your job or when you retire. Transfers between a Roth 401(k) to a Roth IRA are completed without any tax implications. However, if you rollover from a traditional 401(k) into a Roth IRA, you will be taxed at the ordinary income tax rate. When you withdraw the funds from Roth IRA post-retirement, you will not pay taxes on the withdrawal amount.