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re: What to do with 2 Old 401K accounts from previous employers
Posted on 4/19/24 at 10:16 am to mule74
Posted on 4/19/24 at 10:16 am to mule74
That's what I'm thinking I'll do. I have 1 with Fidelity and 1 with Alight, at minimum I'll roll the Alight into the Fidelity one. It earns better and has a better website to navigate. I don't really keep up with the market so I'm not sure a Roth IRA would be right for me.
2
Posted on 4/19/24 at 11:20 am to CHEDBALLZ
Just roll them into a Roth or Traditional IRA with fidelity (which one is best for you really depends on your income and if you think you'll be in a higer or lower tax bracket when you retire). Then, if you still have like 20 years to retire invest it in FXAIX which is Fidelity's S&P 500 index fund.
When you get closer to retirement, like 10-15 years, you'll want to start diversifying it more into more Bonds, Cds, ect and less stock. But would be best to use an advisor or do more research then. But until then that's what going to be best for you and that's what everyone on here is gonna tell you to do. Or stick it in VOO which almost the same thing, but is an ETF S&P 500 follower.
If you don't have a 401k with your new employer, you're probably going to want to start an IRA anyway to contribute to.
When you get closer to retirement, like 10-15 years, you'll want to start diversifying it more into more Bonds, Cds, ect and less stock. But would be best to use an advisor or do more research then. But until then that's what going to be best for you and that's what everyone on here is gonna tell you to do. Or stick it in VOO which almost the same thing, but is an ETF S&P 500 follower.
If you don't have a 401k with your new employer, you're probably going to want to start an IRA anyway to contribute to.
This post was edited on 4/19/24 at 11:32 am
Posted on 4/22/24 at 1:58 pm to CHEDBALLZ
quote:
That's what I'm thinking I'll do. I have 1 with Fidelity and 1 with Alight, at minimum I'll roll the Alight into the Fidelity one. It earns better and has a better website to navigate
You can’t roll one 401k into another. You have to convert to an IRA account. Call forklift and tell them you want to move your funds to an IRA. Then call the other service and tell them you want to move to those funds to your new fidelity IRA. You will probably have to sign statements to treat that your are not moving the money to a non-retirement account. If you do that then you have to pay penalty and taxes.
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