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Old 401k from previous company - thoughts?
Posted on 12/18/24 at 1:05 pm
Posted on 12/18/24 at 1:05 pm
I just left my company after seventeen years and have my 401k to take care of.
Would you:
1. Roll over into my current tradition IRA and invest on my own? I’m mostly in mutual funds but have a few good stocks. I’m up 57% since inception
2. Roll over I to the new company 401k. It’s with Voya and their plans look alright.
Let me know your thoughts. Thanks.
Would you:
1. Roll over into my current tradition IRA and invest on my own? I’m mostly in mutual funds but have a few good stocks. I’m up 57% since inception
2. Roll over I to the new company 401k. It’s with Voya and their plans look alright.
Let me know your thoughts. Thanks.
This post was edited on 12/18/24 at 1:13 pm
6
Posted on 12/18/24 at 1:11 pm to Tnmountaineer79
Im guessing #1 is Traditional IRA.
Probably need to know what other retirement vehicles you have currently for a better assessment.
Probably need to know what other retirement vehicles you have currently for a better assessment.
Posted on 12/18/24 at 1:13 pm to GrizzlyAlloy
Currently I have the tradition Ira, the 401k, and an individual brokerage account.
I’m also 47 in case age matters.
I’m also 47 in case age matters.
Posted on 12/18/24 at 1:28 pm to Tnmountaineer79
A 17 year old 401k probably has a significant amount of money in it, I'm sure. One component to consider is how many extra shares that amount could buy of an existing fund you already have in your traditional IRA - meaning higher dividends each year. Just food for thought, I only bring this up because I was just calculating my dividends for the year a few minutes ago.
Posted on 12/18/24 at 1:31 pm to TDsngumbo
That’s a exactly what I’ve been thinking - and with an added bit of arrogance knowing I’ve picked and can pick what I want to put the money in
The only caveat is seeing the new 401k being so low. I can already picture my brain going nuts seeing a low amount in 401k.
The only caveat is seeing the new 401k being so low. I can already picture my brain going nuts seeing a low amount in 401k.
Posted on 12/18/24 at 1:46 pm to Tnmountaineer79
quote:
The only caveat is seeing the new 401k being so low. I can already picture my brain going nuts seeing a low amount in 401k.
What difference does it make if you have 1 million in an IRA and $5,000 in a 401k or the other way around -- it's still $1,005,000.
I bounce around a lot in my industry so my IRA is MUCH larger than my 401k at any given moment because of all the rollovers I've done to my IRA over the years. I'm like you, I like to choose my own investments and my IRA allows me to do that.
This post was edited on 12/18/24 at 1:48 pm
Posted on 12/18/24 at 2:00 pm to Tnmountaineer79
I’d move it to the Traditional IRA.
Eventually, you may change jobs again so it saves you a consolidation.
Eventually, you may change jobs again so it saves you a consolidation.
Posted on 12/18/24 at 2:55 pm to Tnmountaineer79
Google "Rule of 55". If you are close to age 55, you might want to consider rolling it into your new employers 401K so you can take advantage of the Rule of 55.
Posted on 12/18/24 at 5:59 pm to Tnmountaineer79
If there is any chance you will do a backdoor Roth in future, more in traditional IRA makes that more costly.
57% since inception, how long has that been? You could be horribly underperforming market w that unless most contributions are only a few years old.
If your new 401k allows it, you could consolidate both IRA and old 401k into new 401k. That would make backdoor Roth viable w no additional tax on conversion and create bigger bucket for rule if 55 if offered by new 401k.
57% since inception, how long has that been? You could be horribly underperforming market w that unless most contributions are only a few years old.
If your new 401k allows it, you could consolidate both IRA and old 401k into new 401k. That would make backdoor Roth viable w no additional tax on conversion and create bigger bucket for rule if 55 if offered by new 401k.
Posted on 12/18/24 at 6:13 pm to TorchtheFlyingTiger
quote:
If there is any chance you will do a backdoor Roth in future, more in traditional IRA makes that more costly. 57% since inception, how long has that been? You could be horribly underperforming market w that unless most contributions are only a few years old. If your new 401k allows it, you could consolidate both IRA and old 401k into new 401k. That would make backdoor Roth viable w no additional tax on conversion and create bigger bucket for rule if 55 if offered by new 401k.
That’s the issue I have right now. I back door a Roth for myself every year but my wife rolled her 401k into an IRA so I can’t do hers unless I convert. Wouldn’t make sense to convert it due to the amount.
Posted on 12/18/24 at 6:37 pm to Tnmountaineer79
quote:
I just left my company after seventeen years and have my 401k to take care of.
I took mine and rolled it directly into a traditional IRA managed by a financial advisor. I chose a person with Northwestern Mutual and he has done very well. I am mot necessarily endorsing NWM but they have taken great care of me. I firmly believe that you need to find someone you agree with on financial direction. I am sure I could have gotten a rep from same company that I didnt like too.
I need third party mgmt because I will not keep up with it and it needs to be monitored by somebody everyday.
Posted on 12/18/24 at 6:44 pm to GetmorewithLes
quote:
need third party mgmt because I will not keep up with it and it needs to be monitored by somebody everyday.
Is that because you have specific things you want to invest in? Otherwise if you services in low cost broad index funds it's actually the opposite
Posted on 12/18/24 at 6:55 pm to UltimaParadox
quote:
Is that because you have specific things you want to invest in? Otherwise if you services in low cost broad index funds it's actually the opposite
When I was young I did my research and invested in some sector funds and they did well for a few yrs. I got used to not watching them and I held right into the ground through the dot com failure. Also I invested in funds that were all invested in the same things.
Now I have peace of mind and dont look back.
Posted on 12/18/24 at 7:15 pm to Tnmountaineer79
quote:
Currently I have the tradition Ira, the 401k, and an individual brokerage account.
I’m also 47 in case age matters.
I'm in the same boat and almost the same age. I'm rolling mine into a traditional IRA that I already have open from rolling over a previous one.
I like to have full control of my investments and my account. I'm going to wait for a few dividends at the end of the year and then move it. I was there 13 years.
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