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What to do with 2 Old 401K accounts from previous employers
Posted on 4/17/24 at 11:02 am
Posted on 4/17/24 at 11:02 am
I have 2 old accounts, 1 is from a previous employer and the other is from a soon to be previous employer. New company I am going to does not offer any type of retirement at the moment (it's basically a start up).
What should I do with those 2 accounts?
What should I do with those 2 accounts?
Posted on 4/17/24 at 11:19 am to CHEDBALLZ
Don't touch either
Posted on 4/17/24 at 11:22 am to CHEDBALLZ
I would roll into an IRA, but that's me.
Posted on 4/17/24 at 4:18 pm to CHEDBALLZ
You could roll them over into an Ira which would give you more control over them - that’s what I did. Or you could let them sit. 401k’s in general have too much in bonds for my taste, since I’m always from retirement when I rolled mine over I put it almost all into the stock market and and happy with the results.
Posted on 4/17/24 at 5:13 pm to CHEDBALLZ
Decide who you like from existing.. then roll the other into the one you liked..
I had fidelity from the first company I worked for … I changed companies a few times in my career and would just call fidelity and give them the specifics of the other one and have them roll them together.. ( moved a Schwab.. and Merrill).. let them do it for you.. they will make sure no penalties and roll over same index funds etc …or move them into something like it that they manage..
I had fidelity from the first company I worked for … I changed companies a few times in my career and would just call fidelity and give them the specifics of the other one and have them roll them together.. ( moved a Schwab.. and Merrill).. let them do it for you.. they will make sure no penalties and roll over same index funds etc …or move them into something like it that they manage..
Posted on 4/17/24 at 8:09 pm to CHEDBALLZ
Really disappointed that I'm the first one suggesting hookers and blow.
Posted on 4/17/24 at 9:22 pm to CHEDBALLZ
roll into IRA
Posted on 4/17/24 at 9:46 pm to CHEDBALLZ
I just left mine as I liked the investment options and the fees were reasonable.
Posted on 4/18/24 at 1:00 pm to CHEDBALLZ
An IRA would likely you give you more/better investment options than your current 401k platform. It will also give you broader options to do things like invest in individual stocks.
I have 401ks from my two prior employers rolled into one IRA.
I have 401ks from my two prior employers rolled into one IRA.
This post was edited on 4/18/24 at 1:09 pm
Posted on 4/20/24 at 8:09 am to CHEDBALLZ
Some terrible responses to your post. With the info you gave, it is impossible to give good advice. Are you comfortable with what your money is invested in today? What fees are being charged on your accounts? Doing nothing might be just fine. The guy saying he has been working in finance for 30 years and is telling you what to do based on the little info you gave is a joke! He says 1% is standard. Well that is for advisors, but the majority of my 401k is at my previous employer and in low cost indexes charging me 10 times less than that.
You need to provide more info to get good advice. Your income level plays a part on whether to goth Roth or traditional IRA, but you should continue saving for retirement with one of the other on your own since your employer doesn't offer anything. Consolidating your 2 accounts might make since if your balances are small due to many plans charging you a small annual fee because you no longer work there.
You need to provide more info to get good advice. Your income level plays a part on whether to goth Roth or traditional IRA, but you should continue saving for retirement with one of the other on your own since your employer doesn't offer anything. Consolidating your 2 accounts might make since if your balances are small due to many plans charging you a small annual fee because you no longer work there.
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