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Asked 4/2/2008
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Roll former employer 401K to current 401K or IRA? I have a decent amount of money in a former employer 401K plan. Should I roll it all to my current employers 401K plan, roll it into a Rollover IRA or split it to both? |
Answer 1/2 - Submitted 4/2/2008
I would only roll it into the new employers plan if it has a good investment line-up that I am interested in investing in, and/or I plan on using some fo the plan benefits, like borrowing against my 401K. I personally, roll most of my stuff into an IRA when I change jobs. I can invest it in whatever stock, bonds or funds that I want that way. THe fidelity rollover IRA has been a good plan for me. As to where to invest, that's up to you given the market volatility. tba
Answer 2/2 - Submitted 4/2/2008
Roll it into a self-directed IRA...not your current employer's 401(k).
No matter how good your current 401(k) may seem, it is going to be more limited than an IRA. Besides, you never know if/when they might pull the rug out from under your feet and change the investment options (or worse...they never make upgrades).
Don't even get me started on the potential beneficiary issues with 401(k).
This is a no-brainer...roll it into an IRA.
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