Switching jobs after a rather long time at one place, and I need to move my 401k. For those of you that have done this, what did you do? Move it into the new employers account or move it to something like etrade, ameritrade, vanguard?
401k rollover
- Thread starter brianhos
- Start date
I rolled mine into IRA's. Got a money guy to set it up and manage the investments.
I just roll it into the new plan. I prefer keeping all the 401k money in one account. Unless your new plan has a horrific lineup of investments
I moved mine to vanguard. It's pretty simple, you can set most of it up online, but give them a call when you're ready and they will conference in the 401k holder to coordinate the rollover.
I moved mine to new employers account, which is managed by principal.
I'd move it to an IRA, where you'll have a lot more choices and pay fewer fees. I kept a Hy-Vee 401k for a long time because they had Hy-Vee as an investment option but after a few years decided to just move it to an IRA and have been happy with the results/options. Then a few years later I had a Wells Fargo 401k that I also moved to an IRA.
I don’t think it matters a lot other than pay attention to investment options and fees with your new employer. A place like Vanguard or Schwab will give you more choices.
I always recommend moving a 401k into an IRA or Roth IRA. From my experience, a 401k has very limited options for investments and usually costs more than options in an IRA. For me, the vast options that are available in an IRA make it worth it to me.
To move your 401k, all you need to do is call the firm that currently administers the 401k and they should help you move it to where you want it. I am in the process of moving my 401k assets from Empower to my Fidelity IRA and Roth IRA. I called Empower to get the process started.
To move your 401k, all you need to do is call the firm that currently administers the 401k and they should help you move it to where you want it. I am in the process of moving my 401k assets from Empower to my Fidelity IRA and Roth IRA. I called Empower to get the process started.
This is absolutely the worst advice you could get. Why would you want a speedboat in Iowa? Upgrade your season tickets
I highly doubt your new employee matched anything you rolled over.
Probably the biggest thing to look at is the administration fees when deciding where to put the roll over $. Some 401k plans have higher fees that will hurt you long term compared to other options.
There is nothing better then hitting that throttle at the mile long bridge and being at the dam in 74 seconds on Saylorville.
Don't move it to the new employer's plan. Move it to an IRA(s). Yes, you will have another account to manage but you will suffer no tax consequences (unless you convert part/all of it) and you will have complete control over the money forever, whereas if you move it to your new employer's 401(k) it's locked in there until you change employers again.
Most employer plans have hidden administrative fees. I doubt any can match the low costs of Vanguard index funds or ETFs, and most reputable firms have similarly-priced offerings.
Most employer plans have hidden administrative fees. I doubt any can match the low costs of Vanguard index funds or ETFs, and most reputable firms have similarly-priced offerings.
Irrelevant here.
He can still participate in his new employer's plan once he is eligible and receive match contributions. The new employer is not going to match anything based on money that is rolled into their plan.
I changed jobs 3 years ago. My 401K is still with my former employer. I pretty much begged my new boss/company owner to get some sort of a savings plan set up as they had nothing. He started paying me extra when I started. Went a full year without investing anything into a retirement plan. He will match 2% on a simple IRA. I wanted to be a little diverse and not have everything under one umbrella.
