Use this article to learn how to roll over your Gusto 401(k) balance into a Gusto IRA or an IRA with another provider.
An individual retirement account (IRA) is a tax-advantaged retirement savings account, like a 401(k). The key difference is that a 401(k) is only available through an employer-sponsored plan, while an IRA is an account you can open and manage on your own — even after you leave a job or switch companies.
You can open an IRA with Gusto Retirement or with other financial institutions, like banks, credit unions, or online brokerages. Most providers do not charge a fee to open an account, but there may be account minimums or investment fees to consider.
Important: IRA contribution limits are set by the IRS and tend to be lower than 401(k) limits. Your limit may depend on your income, the type of IRA, and whether you or your spouse is covered by an employer-sponsored retirement plan.
Learn more about the differences between an IRA and a 401(k).
If you’re eligible for a rollover, a banner appears at the top of your 401(k) account dashboard. To roll over your funds into a Gusto IRA, choose the path that matches how you signed in, then follow the steps.
Sign in to Gusto and go to Benefits. Under Savings, find 401(k) and select View. Select Manage 401(k).
Select View options on the banner.
Select the Gusto IRA option in the rollover workflow.
Set up your new IRA account if you have not already created one.
Choose your portfolio or keep the one you have.
Add beneficiaries.
Review important account and fee information.
Sign in directly. Visit the Gusto Retirement sign-in page and sign in with your Gusto Retirement credentials, or use Gusto Single Sign-On (SSO). Learn more about SSO.
Select View options on the banner.
Select the Gusto IRA option in the rollover workflow.
Set up your new IRA account if you have not already created one.
Choose your portfolio or keep the one you have.
Add beneficiaries.
Review important account and fee information.
We typically transfer your funds within 7 business days.
Pro tip: Once your Gusto IRA is set up, you can also roll over other retirement accounts into your Gusto IRA.
If you prefer to roll over your 401(k) into an IRA with a different provider, follow these steps.
Click View options on the banner.
Select See other options in the rollover workflow.
Select the other IRA option.
Choose how you would like the check delivered.
Enter the requested information, like the name of the receiving institution, mailing address, and account details.
Note: Outbound rollovers can take several weeks. Your new financial institution needs time to receive and deposit the funds. Learn more about the rollover process and timeline.
When deciding whether to open a Gusto IRA or transfer your funds to another provider, consider all associated fees. We recommend reviewing our fee disclosure and comparing it against fees charged by other providers.
Refer to Gusto Investment Services’ Form ADV 2A Brochure for additional information about fees.
This content is for informational purposes only and is not intended to be construed as tax or investment advice. You should consult a tax professional or financial advisor to consider all alternative options to rolling your money into an IRA.