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re: Is there any reason to have an IRA and a 401k?
Posted on 4/4/24 at 8:03 am to ColoradoAg03
Posted on 4/4/24 at 8:03 am to ColoradoAg03
quote:
I’ve rolled all previous employer 401ks into the same IRA. The only 401k I currently have is with my current employer who has a match.
This is where I currently am at too. I’m just wanting to make sure that it’s not dumb to have both. I guess I am worried about paying unnecessary fees and not taking advantage of compounding interest. Once again still learning. Been listening to the Money Guys. I’m at #6 on their FOO and trying to make sure I’m prepared to start #7
This post was edited on 4/4/24 at 8:07 am
1
Posted on 4/4/24 at 9:02 am to Bourre
quote:
I am worried about paying unnecessary fees and not taking advantage of compounding interest.
Compounding works the same whether you combine or keep separate accounts (assuming identical returns and fees)
There is a very common misconception that one large sum compounds faster than 2 smaller ones that equal the same total.
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