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Asked 5/23/2007
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i have a 401k at my old company, should i roll it over into my new company 401k and lose 5%? i have a 401k that i started back in jan 06, i quit that company in april and i started with a new company which has a 401k plan as well. i wanted to roll over my old 401k into my new plan but i called today and they have a processing fee of 80 some dollars(which i thinks total bs) and since it hasnt been in there for 3 years i will loose 5% on what i have if i roll it over. should i just wait it out and roll it over in jan 09 or go ahead and get it into my new account? thanks |
Answer 1/4 - Submitted 5/23/2007
If your new company matches some percentage of your contributions, roll-it over. if not, just get your own IRA and keep your money.
Answer 2/4 - Submitted 5/23/2007
Answer 3/4 - Submitted 5/23/2007
If they are doing a decent job managing the money, leave it there.
If they are doing a crappy job, take the hit and move it now.
Answer 4/4 - Submitted 5/23/2007
Leave it in there until there is no penalty, then roll it over into an IRA account. If you have the cash on hand at that time to pay the taxes on it, put it into a Roth IRA so it can grow tax free. If you do not have the money set aside to pay the taxes, then just roll it into a traditional IRA.
If you roll it over into the new company's 401(k) then you will have limited choices about what funds you can invest in. If you roll it over to the IRA, you can choose from virtually any mutual fund or stock available, often with less fees.
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