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re: current employer has different IRA site than former
Posted on 2/9/24 at 5:30 pm to BilbeauTBaggins
Posted on 2/9/24 at 5:30 pm to BilbeauTBaggins
How much managing does your IRA and 401k take you?
Besides ease of consolidation consider these factors:
1. 401k may have better protections from judgement (IRA varies by state)
2. Fees
3. Investment choices
4. Having a traditional IRA makes backdoor Roth and mega backdoor Roth more complicated and costly due to pro rata rule taxes
5. Having separate accounts could be useful to manage early withdrawal under 72(t) penalty free (could split it w partial rollover later though)
6. Consolidated 401k could be useful if you want to use Rule of 55 for early withdrawals penalty free
Besides ease of consolidation consider these factors:
1. 401k may have better protections from judgement (IRA varies by state)
2. Fees
3. Investment choices
4. Having a traditional IRA makes backdoor Roth and mega backdoor Roth more complicated and costly due to pro rata rule taxes
5. Having separate accounts could be useful to manage early withdrawal under 72(t) penalty free (could split it w partial rollover later though)
6. Consolidated 401k could be useful if you want to use Rule of 55 for early withdrawals penalty free
This post was edited on 2/9/24 at 5:32 pm
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