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Message
401K Rollover options.
Posted on 8/23/12 at 7:15 am
Posted on 8/23/12 at 7:15 am
I recently changed jobs and have about 55K in my old 401K (Fidelity).
I am trying to figure out the best option for this account.
So far, the options Ive looked at:
1) Let it sit where it is. I dont like this option because I'm afraid I wont keepo track of it like I should and I basically dont want to leave anything in the hands of my old employer.
2) Roll over to new employers 401K (Principle) - No cost to rollover. Decent group of funds, but would be putting all of my eggs in one basket. This 401K is not actively managed, meaning I will have to track and re-allocate myself. It does have "automatic" or suggested investing plans/ outlines.
3) I am also looking to purchase Life Insurance - previously had through employer - looks like Im going with Northwest Mutual - They, of course, also want me to rollover the 401K into an IRA with them. This has a 4.5% rollover fee, but is actively managed.
4)??? any suggestions.
I am trying to figure out the best option for this account.
So far, the options Ive looked at:
1) Let it sit where it is. I dont like this option because I'm afraid I wont keepo track of it like I should and I basically dont want to leave anything in the hands of my old employer.
2) Roll over to new employers 401K (Principle) - No cost to rollover. Decent group of funds, but would be putting all of my eggs in one basket. This 401K is not actively managed, meaning I will have to track and re-allocate myself. It does have "automatic" or suggested investing plans/ outlines.
3) I am also looking to purchase Life Insurance - previously had through employer - looks like Im going with Northwest Mutual - They, of course, also want me to rollover the 401K into an IRA with them. This has a 4.5% rollover fee, but is actively managed.
4)??? any suggestions.
1
Posted on 8/23/12 at 7:52 am to Chris4x4gill2
Option 1. Roll to an IRA with vanguard
Option 2. Try to find a fee based advisor that is willing to accept $55k.
Most likely your best option is #1
Option 2. Try to find a fee based advisor that is willing to accept $55k.
Most likely your best option is #1
Posted on 8/23/12 at 8:06 am to Janky
quote:
Option 1. Roll to an IRA with vanguard
Posted on 8/23/12 at 8:29 am to CoolHand
going to research vanguard now.....
Posted on 8/23/12 at 9:14 am to Janky
I am in the same boat as Chris4x4gill2 and I have a few questions too.
Why Vanguard?
Do they have a local office? I looked on Vanguard website but did not see any.
What kind of time frame I have to make the rollover? I switch jobs about two months ago.
Why Vanguard?
Do they have a local office? I looked on Vanguard website but did not see any.
What kind of time frame I have to make the rollover? I switch jobs about two months ago.
Posted on 8/23/12 at 9:22 am to Sick Freak
quote:
Why Vanguard?
For me it's costs, selection of funds and I like their site.
quote:
What kind of time frame I have to make the rollover? I switch jobs about two months ago.
Vanguard will have you set up pretty quickly, normally within a couple days of receiving the funds. The totally time frame mainly depends on your previous plan administrator.
This post was edited on 8/23/12 at 9:23 am
Posted on 8/23/12 at 9:25 am to ZereauxSum
From the quick reading I did on vanguard - their costs look to be extremely low - around .2% on the IRA compared to the 1.5ish% NW Mutual quoted me.
As far as time line, I dont think there is a time limit on when you can complete the rollover. Someone please correct me if I am wrong.
As far as time line, I dont think there is a time limit on when you can complete the rollover. Someone please correct me if I am wrong.
Posted on 8/23/12 at 9:49 am to Chris4x4gill2
quote:
As far as time line, I dont think there is a time limit on when you can complete the rollover. Someone please correct me if I am wrong.
As far as when you have to do it? That would depend on your previous plan's administrator. You don't have to roll it over unless they tell you.
My previous employer gave me 90 days to take roll over my 401k or they were going to disburse it as an early distribution.
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