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Asked 10/22/2007
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What to do with a 401k plan? I have an existing IRA that was from a former 401k. The IRA has never been contributed to. I have another 401k sitting and I'm trying to decide what to do with it. My current firm offers no 401k plan, but may start one in January. |
Answer 1/1 - Submitted 10/22/2007
If you like the existing 401(k) plan and that plan so allows, you can leave your account there. Otherwise, you can either roll it into your new 401(k) (if THAT plan so allows) or into an IRA as you did before.
If your new employer doesn't offer a 401(k), you can start a new traditional (deductable) IRA. Set up a direct deposit either from your paycheck or from your bank account.
It may be more advantageous in the long run to go with a Roth IRA and forego the current income tax deferral. Check out www.ira.com.
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