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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 by CHEDBALLZ
South Central LA
Member since Dec 2009
22255 posts
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?
Posted by wutangfinancial
Treasure Valley
Member since Sep 2015
11439 posts
Posted on 4/17/24 at 11:19 am to


Don't touch either
Posted by NATidefan
Two hours North of Birmingham
Member since Dec 2008
36469 posts
Posted on 4/17/24 at 11:22 am to
I would roll into an IRA, but that's me.
Posted by OhioLSUfan
Columbus, OH
Member since Oct 2007
1401 posts
Posted on 4/17/24 at 4:18 pm to
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 by Thecoz
Member since Dec 2018
2868 posts
Posted on 4/17/24 at 5:13 pm to
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..
Posted by UpstairsComputer
Prairieville
Member since Jan 2017
1634 posts
Posted on 4/17/24 at 8:09 pm to
Really disappointed that I'm the first one suggesting hookers and blow.
Posted by Fat Bastard
coach, investor, gambler
Member since Mar 2009
77549 posts
Posted on 4/17/24 at 9:22 pm to
roll into IRA
Posted by GeauxTigers123
Member since Feb 2007
1625 posts
Posted on 4/17/24 at 9:46 pm to
I just left mine as I liked the investment options and the fees were reasonable.
Posted by mule74
Watersound Beach
Member since Nov 2004
11446 posts
Posted on 4/18/24 at 1:00 pm to
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.
This post was edited on 4/18/24 at 1:09 pm
Posted by KWL85
Member since Mar 2023
1451 posts
Posted on 4/20/24 at 8:09 am to
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.
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