- April 14, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Evaluating Different 401k Accounts
I am currently managing three separate 401k accounts, with two older ones holding $26,000.00 and $18,000.00 each. These accounts are passively growing, but I am considering consolidating them into a single account.
By combining these accounts, I can potentially simplify my financial management and potentially optimize my investment strategy. However, I am hesitant as to whether this consolidation would be the best decision for my financial future.
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The final option is to roll it over to your new employer’s 401k plan. This will allow you to consolidate everything and avoid managing multiple accounts.
Leave them as 401k. Look in on them once in a while.
Licensed advisor here. Best practice is ALWAYS to roll it into an IRA, not your new employer’s 401k. 401k’s typically across the board only offer 15-20 mutual fund options, most of which are cookie cutter and underperform the market (specifically target date funds).
In an IRA, the same rules around retirement accounts apply (59 1/2, 10% penalty blah blah blah), but the key difference is that you are NOT LIMITED as far as what you can invest in. You could dump the entire account in TSLA if you wanted to (although that would be silly).
When you leave an employer, your retirement money gets OUT of a prison. Why would you ever go back in?
Would recommend either rolling over into new 401K to consolidate, or leave as is. I would not suggest rolling over into traditional IRA as this can prevent future backdoor ROTH IRA’s if you decide to go that route
you might roll them into one new account or split them up. It depends on how you want to manage them. a good reason to not have all your money in one account is that it makes estate planning easier. it is easier for your heirs if they can get the full account. it’s more complicated if there are multiple heirs on one account
I rolled it all over to my current 401k plan. They would have been free of fees anyway, but I just like to have it all consolidated.
Open a traditional IRA and have the old 401ks rolled over into it.
I combined all mine into a single rollover account. Makes tracking and monitoring so much easier.
It’s simpler if you old ones into your current one. You probably pay fees on the old accounts whereas your current account is subsidized by your employer.
You can simply contact your old plans about rolling it over into your new plan. It’s not terribly complicated.
I’d roll them into a consolidated IRA where your investment options are truly limitless vs the 10 options of the 401k
Since you have a simple which will exclude you from doing backdoor and mega backdoor Roth conversions…just combine the two old 401k to a rollover IRA.
You can roll them to an account that is not your employers. Etrade, Fidelity, etc. that is what I did. My current employee plan sucks and would not want my other $$ in there