- 1). Review your most recent IRA statement to determine the value of your IRA. Keep in mind that the value will fluctuate if your funds are invested in the stock market.
- 2). Shop around for a better custodian for your IRA funds. Contact several large, low-cost mutual fund families, such as Vanguard, Charles Schwab and TIAA-CREF. Review any information you receive about expenses and other charges before choosing a new custodian.
- 3). Contact the company you wish to use as the custodian for your IRA and request an account transfer form. Fill out the transfer form completely, including your name, address, Social Security Number and other requested information. Be sure to include complete information about the account you are transferring, including the name of the current custodian, the account number and the approximate value of the funds in the account.
- 4). Make a copy of your most recent IRA statement and include that copy with the transfer form. This will make it easier for the receiving company to verify the information you have provided and transfer the funds accurately.
- 5). Send the transfer form and the copy of the IRA statement to the address listed on the form. Keep in mind that many mutual fund companies use a separate address for overnight mail; be sure to use the right address to avoid delays.
- 6). Wait about a week, then follow up with the new custodian for your IRA. Review the account and make sure it is set up as an IRA. Contact the new custodian immediately if there are any problems.
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