Is it better to keep 401K accounts separate or roll them into one account?
I have three 401K accounts from previous jobs, in addition to the one I have at my current job. Is it better to keep them separate or to roll them all into the account I have now?
Asked By: KrisP16 - 10/7/2007
Best Answer - Chosen by Asker
Roll the old ones to IRA. Then you have unlimited investment choices and lower fees. Open a IRA at a low cost broker of no cost mutual fund company then have the 401K trustees write the checks to that company not to you. If they write the check to you they withhold 20% and you need to put 100% in the new account or... More
Answered By: shiprepairwoman - 10/7/2007
Additional Answers (3)
rolling rolling rolling keep those 401k rolling....MAKE MONEY!!!!! Ok seriously you new 401 may be better than your older ones so yes combining them makes perfect sense.
Answered By: zyberianwarrior - 10/7/2007
Diversity is always a good thing in investing. I say keep both, unless the amount in the old employee account is small. If it is under 10,000 roll it over. Of course you must also consider what the choices are at the new employer.
Answered By: earl c - 10/7/2007
You can (and should) "roll" the non-current ones into an IRA: the primary reason for this is to keep track without having to look in half-a-dozen different places... More
Answered By: Thin Kaboudit - 10/7/2007
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