Yes, this should not be a issue. There is no tax event on the rollover amount. Since you are over 59 1/2 there should not be a penalty on the funds you withdraw; however, they may be taxed as ordinary income.
A Rollover IRA is an account that allows you to move funds from your old employer-sponsored retirement plan into an IRA. With an IRA rollover, you can preserve the tax-deferred status of your retirement assets, without paying current taxes or early withdrawal penalties at the time of transfer. A Rollover IRA can provide a wider range of investment choices that may meet your goals and risk tolerance, including stocks, bonds, CDs and mutual funds.
What can you do with an old 401(k)?
- Roll over your 401(k) to an IRA.
- Roll over your 401(k) to a new employer's plan.
- Leave in your former employer's 401(k) plan.
- Cash out your money.
