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Started By
Message
Should I rollover an old 401k?
Posted on 8/18/14 at 9:41 am
Posted on 8/18/14 at 9:41 am
I currently have a Schwab traditional IRA w/ $20k (1st job), a New York Life 401K with $34k, and my current 401k with fidelity. Should I roll that old 401k into the Schwab account? Should I leave it where it is? My income level is over the Roth limit. I'm 28, married (she doesn't work), and have one child if that changes anything.
5
Posted on 8/18/14 at 9:47 am to PetreauxCat
Yep, never leave those things behind.
Posted on 8/18/14 at 10:10 am to PetreauxCat
Absolutely. The IRA will give you far more investment options, almost unlimited.
Posted on 8/18/14 at 1:41 pm to PetreauxCat
Yep, no brainer. Open up an IRA and invest it. More options and flexibility and what not.
Posted on 8/19/14 at 4:25 pm to GoCrazyAuburn
Can't take a loan out of an IRA...factor this into your decision.
Could roll your old 401k into your current 401k...Your IRA performance vs 401k?
Could roll your old 401k into your current 401k...Your IRA performance vs 401k?
This post was edited on 8/19/14 at 4:27 pm
Posted on 8/19/14 at 6:45 pm to PetreauxCat
those 401k funds usually have really high fees.
Dump it and go with a schwab or Vanguard fund, which on average have incredibly low fees.
Dump it and go with a schwab or Vanguard fund, which on average have incredibly low fees.
Posted on 8/19/14 at 6:53 pm to Hawkeye95
I'm gonna hijack this thread...
What if your new 401k had a large assortment of options (>350 fund and equity choices), and very low fees?
So far I haven't seen any other advantages. If these two are covered, is it better to roll to the new 401k? Loans, back door Roth capability with another IRA, 401k protection vs IRA, etc.
What if your new 401k had a large assortment of options (>350 fund and equity choices), and very low fees?
So far I haven't seen any other advantages. If these two are covered, is it better to roll to the new 401k? Loans, back door Roth capability with another IRA, 401k protection vs IRA, etc.
Posted on 8/20/14 at 9:23 am to PetreauxCat
quote:
My income level is over the Roth limit.
If you plan on doing a backdoor Roth contribution, rolling the 401k into the IRA may have some tax implications when you do the backdoor. For now, its the only reason I havent rolled an old 401k into an IRA.
Posted on 8/20/14 at 9:37 am to Htown Tiger
There shouldn't be any tax implications if I put it in a traditional IRA, right?
Posted on 8/20/14 at 9:41 am to PetreauxCat
No, but make sure you fill out all the paperwork correctly.
You should not receive a check made out to you. The check should be to the trustee of your Ira acct.
You should not receive a check made out to you. The check should be to the trustee of your Ira acct.
Posted on 8/20/14 at 10:06 am to Htown Tiger
quote:
If you plan on doing a backdoor Roth contribution, rolling the 401k into the IRA may have some tax implications when you do the backdoor. For now, its the only reason I havent rolled an old 401k into an IRA.
OP, look into this before you roll into an IRA. It can be a big deal down the road.
Posted on 8/20/14 at 10:53 am to Sigma
(no message)
This post was edited on 8/20/14 at 10:58 am
Posted on 8/20/14 at 11:09 am to PetreauxCat
quote:
There shouldn't be any tax implications if I put it in a traditional IRA, right?
Correct. You can do a straight rollover.
Posted on 8/20/14 at 6:25 pm to PetreauxCat
This post was edited on 10/6/14 at 5:51 pm
Posted on 8/21/14 at 9:42 am to smoke4life
quote:Nope, some people have to work.
You going to be at NAPE tomorrow?
Posted on 8/21/14 at 9:59 am to PetreauxCat
quote:
There shouldn't be any tax implications if I put it in a traditional IRA, right?
There wont be any tax implications on the rollover itself, but if you plan to do a backdoor Roth in the future, there will be some implications down the line.
All depends on whether you still want to contribute to your Roth since you are over the limit now. If you don't, know worries- go forth and convert. If you do, I'd look into the implications of future backdoor Roth contributions while you have another tax deferred IRA account.
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