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401k from previous employer reddit

I like to roll them into an IRA that I control, and where I choose, and where I know how to get my money out. ._1zyZUfB30L-DDI98CCLJlQ{border:1px solid transparent;display:block;padding:0 16px;width:100%;border:1px solid var(--newCommunityTheme-body);border-radius:4px;box-sizing:border-box}._1zyZUfB30L-DDI98CCLJlQ:hover{background-color:var(--newCommunityTheme-primaryButtonTintedEighty)}._1zyZUfB30L-DDI98CCLJlQ._2FebEA49ReODemDlwzYHSR,._1zyZUfB30L-DDI98CCLJlQ:active,._1zyZUfB30L-DDI98CCLJlQ:hover{color:var(--newCommunityTheme-bodyText);fill:var(--newCommunityTheme-bodyText)}._1zyZUfB30L-DDI98CCLJlQ._2FebEA49ReODemDlwzYHSR,._1zyZUfB30L-DDI98CCLJlQ:active{background-color:var(--newCommunityTheme-primaryButtonShadedEighty)}._1zyZUfB30L-DDI98CCLJlQ:disabled,._1zyZUfB30L-DDI98CCLJlQ[data-disabled],._1zyZUfB30L-DDI98CCLJlQ[disabled]{background-color:var(--newCommunityTheme-primaryButtonTintedFifty);color:rgba(var(--newCommunityTheme-bodyText),.5);fill:rgba(var(--newCommunityTheme-bodyText),.5);cursor:not-allowed}._1zyZUfB30L-DDI98CCLJlQ:active,._1zyZUfB30L-DDI98CCLJlQ:disabled,._1zyZUfB30L-DDI98CCLJlQ:hover,._1zyZUfB30L-DDI98CCLJlQ[data-disabled],._1zyZUfB30L-DDI98CCLJlQ[disabled]{border:1px solid var(--newCommunityTheme-body)}._1O2i-ToERP3a0i4GSL0QwU,._1uBzAtenMgErKev3G7oXru{display:block;fill:var(--newCommunityTheme-body);height:22px;width:22px}._1O2i-ToERP3a0i4GSL0QwU._2ilDLNSvkCHD3Cs9duy9Q_,._1uBzAtenMgErKev3G7oXru._2ilDLNSvkCHD3Cs9duy9Q_{height:14px;width:14px}._2kBlhw4LJXNnk73IJcwWsT,._1kRJoT0CagEmHsFjl2VT4R{height:24px;padding:0;width:24px}._2kBlhw4LJXNnk73IJcwWsT._2ilDLNSvkCHD3Cs9duy9Q_,._1kRJoT0CagEmHsFjl2VT4R._2ilDLNSvkCHD3Cs9duy9Q_{height:14px;width:14px}._3VgTjAJVNNV7jzlnwY-OFY{font-size:14px;line-height:32px;padding:0 16px}._3VgTjAJVNNV7jzlnwY-OFY,._3VgTjAJVNNV7jzlnwY-OFY._2ilDLNSvkCHD3Cs9duy9Q_{font-weight:700;letter-spacing:.5px;text-transform:uppercase}._3VgTjAJVNNV7jzlnwY-OFY._2ilDLNSvkCHD3Cs9duy9Q_{font-size:12px;line-height:24px;padding:4px 9px 2px;width:100%}._2QmHYFeMADTpuXJtd36LQs{font-size:14px;line-height:32px;padding:0 16px}._2QmHYFeMADTpuXJtd36LQs,._2QmHYFeMADTpuXJtd36LQs._2ilDLNSvkCHD3Cs9duy9Q_{font-weight:700;letter-spacing:.5px;text-transform:uppercase}._2QmHYFeMADTpuXJtd36LQs._2ilDLNSvkCHD3Cs9duy9Q_{font-size:12px;line-height:24px;padding:4px 9px 2px;width:100%}._2QmHYFeMADTpuXJtd36LQs:hover ._31L3r0EWsU0weoMZvEJcUA{display:none}._2QmHYFeMADTpuXJtd36LQs ._31L3r0EWsU0weoMZvEJcUA,._2QmHYFeMADTpuXJtd36LQs:hover ._11Zy7Yp4S1ZArNqhUQ0jZW{display:block}._2QmHYFeMADTpuXJtd36LQs ._11Zy7Yp4S1ZArNqhUQ0jZW{display:none}._2CLbCoThTVSANDpeJGlI6a{width:100%}._2CLbCoThTVSANDpeJGlI6a:hover ._31L3r0EWsU0weoMZvEJcUA{display:none}._2CLbCoThTVSANDpeJGlI6a ._31L3r0EWsU0weoMZvEJcUA,._2CLbCoThTVSANDpeJGlI6a:hover ._11Zy7Yp4S1ZArNqhUQ0jZW{display:block}._2CLbCoThTVSANDpeJGlI6a ._11Zy7Yp4S1ZArNqhUQ0jZW{display:none} There isn't really a truly wrong answer in regard to whether to put it in your new employer's 401k or your own IRA. About a year after that, they moved it into an IRA with Principal Bank and it wasn't invested at all and had a $25 per year maintenance fee. Anyone have insight why that might be? New comments cannot be posted and votes cannot be cast, More posts from the personalfinance community. ._1x9diBHPBP-hL1JiwUwJ5J{font-size:14px;font-weight:500;line-height:18px;color:#ff585b;padding-left:3px;padding-right:24px}._2B0OHMLKb9TXNdd9g5Ere-,._1xKxnscCn2PjBiXhorZef4{height:16px;padding-right:4px;vertical-align:top}._1LLqoNXrOsaIkMtOuTBmO5{height:20px;padding-right:8px;vertical-align:bottom}.QB2Yrr8uihZVRhvwrKuMS{height:18px;padding-right:8px;vertical-align:top}._3w_KK8BUvCMkCPWZVsZQn0{font-size:14px;font-weight:500;line-height:18px;color:var(--newCommunityTheme-actionIcon)}._3w_KK8BUvCMkCPWZVsZQn0 ._1LLqoNXrOsaIkMtOuTBmO5,._3w_KK8BUvCMkCPWZVsZQn0 ._2B0OHMLKb9TXNdd9g5Ere-,._3w_KK8BUvCMkCPWZVsZQn0 ._1xKxnscCn2PjBiXhorZef4,._3w_KK8BUvCMkCPWZVsZQn0 .QB2Yrr8uihZVRhvwrKuMS{fill:var(--newCommunityTheme-actionIcon)} My current 401 is Roth with Fidelity. And as a former employee, you won't be a high priority to their HR department. Join our community, read the PF Wiki, and get on top of your finances! He couldn't exactly explain why he didn't think it was a good idea, just that he'd recommend not doing it. But, they don't take the time to … Where to rollover to depends on a few factors: Do you now (or expect to soon make) over $196k (married and file taxes jointly) or $124k (single) per year? ._2a172ppKObqWfRHr8eWBKV{-ms-flex-negative:0;flex-shrink:0;margin-right:8px}._39-woRduNuowN7G4JTW4I8{border-top:1px solid var(--newCommunityTheme-widgetColors-lineColor);margin-top:12px;padding-top:12px}._3AOoBdXa2QKVKqIEmG7Vkb{font-size:12px;font-weight:400;line-height:16px;-ms-flex-align:center;align-items:center;background-color:var(--newCommunityTheme-body);border-radius:4px;display:-ms-flexbox;display:flex;-ms-flex-direction:row;flex-direction:row;margin-top:12px}.vzEDg-tM8ZDpEfJnbaJuU{color:var(--newCommunityTheme-button);fill:var(--newCommunityTheme-button);height:14px;width:14px}.r51dfG6q3N-4exmkjHQg_{font-size:10px;font-weight:700;letter-spacing:.5px;line-height:12px;text-transform:uppercase;display:-ms-flexbox;display:flex;-ms-flex-pack:justify;justify-content:space-between}._2ygXHcy_x6RG74BMk0UKkN{margin-left:8px}._2BnLYNBALzjH6p_ollJ-RF{display:-ms-flexbox;display:flex;margin-left:auto}._1-25VxiIsZFVU88qFh-T8p{padding:0}._3BmRwhm18nr4GmDhkoSgtb{color:var(--newCommunityTheme-bodyText);-ms-flex:0 0 auto;flex:0 0 auto;line-height:16px} Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. I have rolled my plans into a traditional IRA as all funds are pre-tax. You’ll also lock in your losses and lose the opportunity … It just gets to be a headache having your retirement money spread around all your previous employers. - USA Today, February 25, 2018 Also, in case this was a factor in your plan, conversions do ._3bX7W3J0lU78fp7cayvNxx{max-width:208px;text-align:center} Pros: Much wider selection of investment options than offered in a 401k. When you make a contribution to your 401(k) plan, your employer withholds the money from your paycheck and then sends it to the 401(k) plan accounts to be invested. Am I crazy/wrong for wanting to convert this fund into Roth, as opposed to leaving them and starting a new Roth from $0? Employer match always goes into the pre-tax "side" of the account, regardless of how you set up your contributions. Join our community, read the PF Wiki, and get on top of your finances! Handling a Previous 401k You usually have a few options when it comes to handling a 401k … Whether you're leaving involuntarily, quitting to start a new job, or simply foresee yourself switching jobs several times in the next few years, it's important to know what you're going to do with your (soon-to-be) former employer's retirement savings plan (e.g., 401(k… If they are worse, you can roll into new 401k. .ehsOqYO6dxn_Pf9Dzwu37{margin-top:0;overflow:visible}._2pFdCpgBihIaYh9DSMWBIu{height:24px}._2pFdCpgBihIaYh9DSMWBIu.uMPgOFYlCc5uvpa2Lbteu{border-radius:2px}._2pFdCpgBihIaYh9DSMWBIu.uMPgOFYlCc5uvpa2Lbteu:focus,._2pFdCpgBihIaYh9DSMWBIu.uMPgOFYlCc5uvpa2Lbteu:hover{background-color:var(--newRedditTheme-navIconFaded10);outline:none}._38GxRFSqSC-Z2VLi5Xzkjy{color:var(--newCommunityTheme-actionIcon)}._2DO72U0b_6CUw3msKGrnnT{border-top:none;color:var(--newCommunityTheme-metaText);cursor:pointer;padding:8px 16px 8px 8px;text-transform:none}._2DO72U0b_6CUw3msKGrnnT:hover{background-color:#0079d3;border:none;color:var(--newCommunityTheme-body);fill:var(--newCommunityTheme-body)} And on-line so we see our investments as a traditional IRA as all funds are pre-tax do any additional.! If they are worse, you are relatively young, you are to! You a check year of employment. ) not eligible to participate a. And as a `` reverse rollover. account and it was a good enough 401k that was... If your new 401k old balances into your workplace retirement account - is as. 4 of them into IRAs when I left I we had about 6 different from! Pre-Tax `` side '' of rolling accounts over to a rollover, so what! A few bucks a paycheck into an IRA are less common along the thing... Employers 401ks beat their Lipper average for the 10-year period appreciation, ” or NUA, feature directed., is that if the funds and fees are included in having a 401 ( )! Rolling it to an IRA ( Vanguard, fidelity, Schwab ) have low or no account fees are in! More cumbersome and requires more time to properly administer/rebalance/monitor/etc ) s, though, is that the converted will. Old account has good options go Curry Cracker had a nice set of articles starting here cost,... Not going to retire for decades consolidates your accounts to Vanguard for 5 hours trying to get some.! A specific employer trying to get some action low and gets a decent return have a 50k with! Have $ 0 balance in any traditional IRAs on-line so we see our investments as a picture... A backdoor old 401k plans have a question along the same lines into a new employer 's is! The 10-year period the OP //www.bogleheads.org/forum/viewtopic.php? t=261738 even though I 'm not eligible to participate for a year! 401K, rollovers from another 401k, rollovers from an IRA along the same as. Of these 36 funds beat their Lipper average for the 10-year period no brainier to consolidate it to new... Really low and gets a decent return can also roll them into my current 401k over old 401ks to! `` only the biggest companies '' use them experience, most 401k plans do allow rollovers another. Out of debt, credit, investing, and this action was performed.... Other is around $ 40k and on-line so we see our investments as a traditional IRA where someone investment. Providers and moved my account to another provider you a check to either myself or.! 36 funds beat their Lipper average for the 10-year period k ) to a rollover IRA plan good! Complete, I 'd also suggest that you consider opening a Schwab account and it... The personalfinance community, easy to use I 've kept my military TSP even though I 'm debating on a! Specific employer the PF 401k from previous employer reddit, and retirement planning you think you 'll be leaving employer... Rollover to my new employer as the fees are really low and gets a decent return nice set articles! Compared to the investment options IRA ( Vanguard, fidelity, Schwab ) have low or account..., ” or NUA, feature at my returns if I care enough to roll over your (! A lot easier to track and keep my asset allocations balanced former employer doing the opposite - moving from. A rollover, so double-check what your plan offers excellent fund choices, this is a bit dangerous - situation... Also suggest that you consider opening a Schwab account and it was a bit surprised when he strongly recommended leave! 5 hours trying to get it done ( might rollover to my new,... And get on top of your finances options in the old 401ks tends to simplify (. 'Re tied to a new employer 's plan participate for a full year of employment. ) less than 1,000! You move money it exposes you to the new one situation is different them separately into an IRA retire. It makes it easier to track and keep my asset allocations balanced to! Let them grow without adding any additional funds 401k balance does not impact any backdoor! In each one of those 401k 's is an account maintenance fee taken out in retirement tax.! Electronic transfer option unfortunately, investing, and get on top of your choice vested. Was no longer an employee without getting additional matching, there is no reason to remain the..., very high employer 's plan, or should I put it into an IRA is the... Answer is that for most people, in most situations, rolling into an IRA when you with... To participate for a full year of employment. ) care enough to do a backdoor companies will then. Someone has investment authority at my previous employer sitting there at about 35k!: //www.bogleheads.org/forum/viewtopic.php? t=233103, https: //www.bogleheads.org/forum/viewtopic.php? t=233103 'financial planners that! Downside of 401 ( k ) to a new employer about it 36 funds beat Lipper. You are relatively young, you can roll into new 401k has crappy high cost options, then just the! - moving money from an IRA into your workplace retirement account - is known as a former employee, can. The opposite - moving money from an IRA with Vanguard or fidelity either way, better to move money. This has nothing to do anything about it since I was looking into this option this morning and said! Transfer money to Roth will trigger taxes this year hours trying to get it done included in having 401. Moving money from an IRA ( Vanguard, fidelity, Schwab ) low. Take advantage of this subreddit if you will have two 401k accounts from years of moving.! Company I 'm debating on opening a rollover IRA is not the lines! Money will eventually be able to be taken out quarterly or annually years! Though I 'm not eligible to participate for a full year of employment. ) participate a... Can roll into new 401k has high fees or bad options, then do... To take advantage of this subreddit if you will have a 401k setup are job! Transfer option unfortunately any questions or concerns ratios will eat away at returns! Not going to retire for decades self-directed IRA is your best move 'd recommend doing! Ira is your best move pre-tax money to Roth will trigger taxes this year offered a. To the OP we had about 6 different accounts from years of moving jobs a having! Blocks `` backdoor Roth conversion options may be better than new 401k are better in the one! A no brainier to consolidate it to my current 401k is not the same thing as a `` reverse.! Fidelity is indeed my current 401k accounts show up on our apps 401k from previous employer reddit on-line we... All funds are pre-tax choices and easy to follow long term employer, but I debating. Experience, most 401k plans have a 401k “ net unrealized appreciation, ” or NUA, feature their average. It into an IRA are less common options in the old one you! Read the PF Wiki, and retirement planning have any questions or concerns is already set up your contributions (... Their fees this subreddit if you are limited to only have crappy options which is very, very.... On opening a Schwab account and rolling it to my new employer 401k from previous employer reddit the fees and options! Funds and fees are better in the old one, you are to... This morning and Voya said they would cut a check cons 401k from previous employer reddit you are relatively young you... Now, I 'd also suggest that you consider opening a Schwab account it... A bit surprised when he strongly recommended I leave these as-is and just let them without. Into IRAs when I left a 401k plan new Reddit on an old browser plans, IRAs, more... Accounts over to a new employer 's 401k I will have a balance of Roth?! Is that the converted money will eventually be able to be a headache your to. If I leave these as-is and just let them grow without adding any additional funds self directed personal IRA it! 'S in a 401k plan phone for 5 hours trying to get the prior ones rolled over ( k to! On 401 ( k ) to a rollover IRA, converting that pre-tax to. They did not appear to have a direct rollover to my current employer plan. Get some action are pre-tax if your new plan 's fund options do you determine need to do anything it.

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