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Started By
Message
Smart to roll 401k from previous job into new one?
Posted on 5/9/14 at 1:53 pm
Posted on 5/9/14 at 1:53 pm
Should I roll my 401k from my old job into the 401k of my new one?
TIA!
TIA!
5
Posted on 5/9/14 at 1:54 pm to okietiger
NO. Roll it into an IRA.
Posted on 5/9/14 at 1:56 pm to Broke
Isn't there a cap on the amount you can put into an IRA per year or does this not qualify for that because you're rolling into from 1 retirement account to another?
Posted on 5/9/14 at 2:34 pm to okietiger
Depends on the investments you new company offers...
Roll it into an IRA
Roll it into an IRA
Posted on 5/9/14 at 2:38 pm to okietiger
IRA gives you many more investment options
That's the biggest difference
That's the biggest difference
Posted on 5/9/14 at 3:35 pm to Croacka
Ira. Gain control of your money 
Posted on 5/9/14 at 3:37 pm to okietiger
quote:
Isn't there a cap on the amount you can put into an IRA per year or does this not qualify for that because you're rolling into from 1 retirement account to another?
It has a cap. I'm not telling you to not do the 401k. I'm just saying roll it into an IRA. You can money in different places you know.
Posted on 5/9/14 at 4:07 pm to Broke
Rollovers don't go against your IRA contributions. You just have to set up what is called a "Rollover IRA".
Generally it's best to do it to a rollover IRA, because most 401K plans have crappy investment options.
Generally it's best to do it to a rollover IRA, because most 401K plans have crappy investment options.
Posted on 5/9/14 at 4:30 pm to okietiger
No. Put it into an IRA. WAY more choices on how to invest your money.
Also, it will not go against your IRA contributions if you roll it into a designated Rollover IRA. The contribution limits apply to Traditional and Roth IRAs.
Also, it will not go against your IRA contributions if you roll it into a designated Rollover IRA. The contribution limits apply to Traditional and Roth IRAs.
Posted on 5/9/14 at 4:45 pm to okietiger
Smart to roll it out of and old employer, but not into a new one.
Posted on 5/9/14 at 7:17 pm to Broke
I'm in the same situation. Have a significant sum sitting in an old employer 401K.
I can you roll this into a say Vanguard IRA?
I have no idea about how to get this process going??
fwiw, I already have a roth w/ Vanguard.
I can you roll this into a say Vanguard IRA?
I have no idea about how to get this process going??
fwiw, I already have a roth w/ Vanguard.
Posted on 5/9/14 at 7:32 pm to Skin
Yeah, I recently rolled my 401K with Principal from a previous employer into a Vanguard rollover IRA. Pretty easy. Just give them a call.
Posted on 5/9/14 at 7:33 pm to Skin
Ira all day!! You don't want to be limited on your investment choices!!
Posted on 5/12/14 at 1:09 pm to okietiger
I'll be the dissenter and say don't roll into an IRA. Sure you'll have more choices, but are you a professional? If not, I'd guess you'll end up paying higher fees and increase the chance you're going to do something stupid. Unless you have high confidence in your ability to manage your money, leaving it in a qualified plan in something like a target date fund, will likely result in lower fees and a better outcome than what you'd realize on your own in an IRA.
Posted on 5/12/14 at 1:18 pm to coolpapaboze
Rolling it over and letting a professional oversee it is always an option, and one of the better ones at that.
Posted on 5/12/14 at 1:24 pm to roguetiger15
If by professional you mean advisor, that is certainly an option. However id venture that will also be expensive and probably no better than a target date fund or a balanced fund.
Posted on 5/12/14 at 2:46 pm to coolpapaboze
quote:
If by professional you mean advisor, that is certainly an option. However id venture that will also be expensive and probably no better than a target date fund or a balanced fund.
Sure, because cheaper is always better. And he is now stuck with like 12 options to choose from instead of 4,000 options for funds and stocks. You ever get just the appetizer at a restaurant or would you also like to eat an entree?
Posted on 5/12/14 at 5:01 pm to Broke
quote:Sure, because more choices is always better, particularly for people who have no idea what they are doing, which is probably 95% of plan participants.
Sure, because cheaper is always better.
quote:Do you think someone who doesn't know what they're doing is better off with 12 choices or 4000? Wanna guess which DC plans perform best? The ones that offer participants dozens of options, or those that offer a well edited menu of core building blocks along with a professionally managed alternative like a TDF?
And he is now stuck with like 12 options to choose from instead of 4,000 options for funds and stocks.
The idea that an individual is going to be meaningfully better off because they have access to a bunch of marginal esoteric fund options is silly. Cheap basic building blocks will get most people access to capital market returns they need to build wealth over long time horizons.
quote:I don't really know what this means.
You ever get just the appetizer at a restaurant or would you also like to eat an entree?
Posted on 5/12/14 at 5:08 pm to coolpapaboze
I can get a good look at a t bone by sticking my head up a bulls arse but wouldn't u rather take the butcher's word for it?
Posted on 5/12/14 at 6:30 pm to roguetiger15
quote:
I can get a good look at a t bone by sticking my head up a bulls arse but wouldn't u rather take the butcher's word for it?
Don't you mean ou can get a good look at a butcher's arse by sticking your head up there, but wouldn't you rather to take his word for it?
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