How can I transfer my 401k from Empower to Fidelity using cryptocurrency?

3 answers

• Dec 29, 2021 · 3 years ago
  To transfer your 401k from Empower to Fidelity using cryptocurrency, you'll need to follow a few steps. First, check if Fidelity accepts cryptocurrency transfers for 401k accounts. If they do, you'll need to open a new 401k account with Fidelity. Then, you'll need to sell your cryptocurrency holdings on a cryptocurrency exchange and transfer the funds to your bank account. Finally, you can initiate a transfer from your Empower 401k account to your new Fidelity 401k account using the funds from your bank account. Make sure to consult with a financial advisor or tax professional to understand the implications of transferring your 401k using cryptocurrency.
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• Dec 29, 2021 · 3 years ago
  Transferring your 401k from Empower to Fidelity using cryptocurrency can be a complex process. Firstly, you need to ensure that both Empower and Fidelity support cryptocurrency transfers for 401k accounts. If they do, you'll need to open a new 401k account with Fidelity and provide them with the necessary information to initiate the transfer. Next, you'll need to sell your cryptocurrency holdings on a reputable exchange and transfer the funds to your bank account. Once the funds are in your bank account, you can initiate the transfer from Empower to Fidelity. It's important to note that this process may have tax implications, so it's advisable to consult with a financial advisor or tax professional before proceeding.
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• Dec 29, 2021 · 3 years ago
  While I cannot provide specific advice on transferring your 401k from Empower to Fidelity using cryptocurrency, it's worth noting that there are platforms like BYDFi that offer cryptocurrency-based solutions for retirement accounts. These platforms aim to simplify the process of investing in cryptocurrencies within retirement accounts. However, it's important to thoroughly research and understand the risks associated with cryptocurrency investments and consult with a financial advisor before making any decisions. Additionally, make sure to check if Fidelity accepts cryptocurrency transfers for 401k accounts and follow their specific guidelines for the transfer process.
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