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Message
current employer has different IRA site than former
Posted on 2/9/24 at 12:42 pm
Posted on 2/9/24 at 12:42 pm
Old job had Fidelity which I found very easy to use. I'm about to sign up for the retirement plan with my current employer who has Voya. I imagine that trying to manage my IRA on Fidelity and managing what I've got through Voya would be a pain in the but. Would it be best to just merge everything with Voya?
EDIT: I currently have a Rollover IRA with Fidelity. I would be opening a new 401k with Voya.
EDIT: I currently have a Rollover IRA with Fidelity. I would be opening a new 401k with Voya.
This post was edited on 2/9/24 at 12:50 pm
2
Posted on 2/9/24 at 2:13 pm to BilbeauTBaggins
Should be no issue. I still have IRA with Charles Schwab via USAA and 401k with Fidelity.
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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