Tony Novak profile picture
  "AskTony" column archive        


Most Popular

AskTony Archive

This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

The author is paid for product endorsements and has an ownership or other financial interest in the businesses related to the topics covered.

New questions

Submit consumer finance questions at and health insurance questions at

Sponsored by: Insurance Exchange - your source of valuable information on state and federal health reform benefits.

Core Health Insurance - America's favorite mini-med insurance  with affordable premiums, freedom to choose providers, optional PPO discounts and guaranteed eligibility regardless of medical conditions.

Please support the Web sites that make publication of AskTony services possible.

Health savings account deduction for 2005

originally posted: 11/22/2006  reposted: 2/18/2011 This post has not been recently reviewed or revised by the author and may be out of date. If you notice an error or are in doubt, please send a new question by email or ask for an update. Email

Q: I am moving my 401(k) from my former employer at Fidelity to my own self-directed IRA account and was told that there are substantial surrender charges if I do this. Is this allowed?

A: Surrender charges can be avoided by doing a "transfer in kind" of assets rather than a surrender. Once the assets are in the new IRA account, you can gradually move them into less restrictive investments. See the details at The only charge you will incur is the $150 adviser's fee. Surrender charges have to do with the investments selected and not the employer's 401(k) plan itself although sometimes employers do not offer investments without surrender charges in their 401(k) plans. This is one of the reasons we recommend investments without commissions or surrender charges of any kind.


More resources: