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Where to transfer 401k
Posted on 3/2/23 at 11:32 am
Posted on 3/2/23 at 11:32 am
Recently left the company I was working for and have since started working for my self the question I have is where to transfer that money? Roth IRA???
9
Posted on 3/2/23 at 11:35 am to JoeNelson
Leave it there and dump it all into a 500 index if you can. Check it again when you retire.
Posted on 3/2/23 at 11:40 am to JoeNelson
Fidelity is popular around here.
Posted on 3/2/23 at 12:37 pm to JoeNelson
What platform is it with now? Check their fees but I personally like Vanguard
Posted on 3/2/23 at 12:39 pm to AUCE05
Do fees go up when you are no longer with the employer?
Posted on 3/2/23 at 1:14 pm to JoeNelson
quote:
Recently left the company I was working for and have since started working for my self the question I have is where to transfer that money? Roth IRA???
Unless it’s a Roth 401k, DO NOT ROLLOVER TO ROTH IRA until you speak with a financial adviser. You could be on the hook for a large amount of taxes. Personally, I would rollover to a Fidelity or Schwab, you’d have many more investment options behind the 401k. Keep in mind, once you do rollover to an IRA, it could limit your ability to do things like backdoor Roths.
Just noticed you’re working for yourself. You could rollover to a solo 401k, but that requires some additional documentation once you hit a certain balance.
This post was edited on 3/2/23 at 1:17 pm
Posted on 3/2/23 at 1:17 pm to JoeNelson
quote:
Roth IRA???
The 401k is pretax contributions.
IF you do Roth, you owe taxes on the conversion.
I had a solo 401k with fidelity.
I now have a W2 job so I switched my 1099 income derived savings to a fidelity SEP IRA.
401k to traditional/SEP IRA is tax free to tax free
This post was edited on 3/2/23 at 1:19 pm
Posted on 3/2/23 at 3:35 pm to Free888
Thank you guys this is a big help. I mainly want to move it so I can keep depositing into it.
Posted on 3/2/23 at 3:37 pm to JoeNelson
Vanguard Rollover IRA
Posted on 3/2/23 at 4:43 pm to GrizzlyAlloy
quote:
Do fees go up when you are no longer with the employer?
It depends. Each plan is different. But generally speaking, he’d likely have more control and more options (literally and figuratively
) available to him in a self-directed account of some type.
Posted on 3/3/23 at 12:35 pm to JoeNelson
quote:
Where to transfer 401k
transfer to me. I will set you up in CELSIUS. 10% GUARANTEED RATE with no losses.
oh wait............................
This post was edited on 3/3/23 at 12:38 pm
Posted on 3/3/23 at 1:07 pm to JoeNelson
Do you want to manage it yourself or hire an advisor? I use fidelity and JPMorgan
Posted on 3/3/23 at 3:53 pm to GrizzlyAlloy
quote:
Do fees go up when you are no longer with the employer?
Like another poster said, it depends on the plan specifics. With that said, you have to watch for all the other "stuff" they can do when you leave. My first 401k had language that after you were gone for 6 months that could roll your investments into a "cash account" within the plan. You don't earn anything and still have the fees for them to maintain the account.
Posted on 3/6/23 at 7:20 am to JoeNelson
Rollover to Fidelity or Vanguard because their fees are lower. It also gives you complete control over the money. Put in an index or Target Date fund and leave it alone.
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