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re: What to do with 2 Old 401K accounts from previous employers
Posted on 4/18/24 at 10:27 am to Tmcgin
Posted on 4/18/24 at 10:27 am to Tmcgin
30+ years of experience as a Financial Advisor - now Wealth Management.
First thing, get it out of your 401ks and do a rollover and consolidate both into an IRA. This is a non-taxable event.
Company 401ks usually have a limited menu of choices to keep cost down. If you work with an advisor you can invest in a much wider array of products. Most, including me, are fee-based now. I charge 1%, which is pretty standard.
As far as converting to a Roth - it depends on your age. You will take a tax hit on any part rolled into a Roth but it's all tax-free after that. That's fine if you're 40, you've got time to make it up. Not too good if you're converting at 60. Time may not be on your side.
First thing, get it out of your 401ks and do a rollover and consolidate both into an IRA. This is a non-taxable event.
Company 401ks usually have a limited menu of choices to keep cost down. If you work with an advisor you can invest in a much wider array of products. Most, including me, are fee-based now. I charge 1%, which is pretty standard.
As far as converting to a Roth - it depends on your age. You will take a tax hit on any part rolled into a Roth but it's all tax-free after that. That's fine if you're 40, you've got time to make it up. Not too good if you're converting at 60. Time may not be on your side.
1
Posted on 4/18/24 at 12:34 pm to ClusterCock
quote:You can also just roll it into an IRA and invest in whatever funds are available without giving 1% to an advisor.
Company 401ks usually have a limited menu of choices to keep cost down. If you work with an advisor you can invest in a much wider array of products. Most, including me, are fee-based now. I charge 1%, which is pretty standard.
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