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Old 09-09-2004, 10:18 PM
BMS
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Default Re: Merge 401k accounts?

You have 2 choices, roll the old 401k into a IRA rollover account or ask
your new employer if they accept rollovers from other plans.

If you really like the old plan call the provider and ask them if they have
the same set up as an IRA and you can compare fees.

Unless the old plan is spectacular, you will probably be better off
combining the small assets of the old with the new.

"mandg" <gscanga[at]email.uophx.edu> wrote in message
news:k4OdnSVZ6rxWX6LcRVn-rQ[at]comcast.com...
- quote -

> I have a 401k with ~$30,000 but have recently switched jobs. I enrolled
into
> the new companies 401k and am now wondering if I should roll the original
> balance into this new account. Does anyone have any reasons for merging

the
> two accounts or leaving them separate? Thanks.
> --
> Gary


  #1  
Old 09-09-2004, 10:18 PM
John A. Weeks III
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Default Re: Merge 401k accounts?

In article <k4OdnSVZ6rxWX6LcRVn-rQ[at]comcast.com> , mandg
<gscanga[at]email.uophx.edu> wrote:

- quote -

> I have a 401k with ~$30,000 but have recently switched jobs. I enrolled into
> the new companies 401k and am now wondering if I should roll the original
> balance into this new account. Does anyone have any reasons for merging the
> two accounts or leaving them separate? Thanks.


I like to have personal control over my money, and I like to have
more options than what most 401K plans offer. As a result, I would
consider rolling the old 401K into a rollover IRA at a brokerage,
discount brokerage, or a bank that does stock brokering.

-john-

--
================================================== ==================
John A. Weeks III 952-432-2708 john[at]johnweeks.com
Newave Communications http://www.johnweeks.com
================================================== ==================

 
Old 09-09-2004, 12:04 PM
Sandra Loosemore
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Default Re: Merge 401k accounts?

"mandg" <gscanga[at]email.uophx.edu> writes:

- quote -

> I have a 401k with ~$30,000 but have recently switched jobs. I enrolled into
> the new companies 401k and am now wondering if I should roll the original
> balance into this new account. Does anyone have any reasons for merging the
> two accounts or leaving them separate? Thanks.


Does your old 401k plan offer better/lower cost investment
alternatives than the old one? Otherwise combining them will save you
a little paperwork and record-keeping in the long term.

If you aren't real happy with the investment alternatives offered by
either your old or new 401k plans, another option is to roll the money
from your old plan into an IRA account. If you have extra cash
sitting around to pay the taxes, you might also do a Roth conversion
on it (unless your income is too high).

-Sandra

  #-1  
Old 09-09-2004, 10:07 AM
mandg
Guest
 
Posts: n/a
Default Merge 401k accounts?

I have a 401k with ~$30,000 but have recently switched jobs. I enrolled into
the new companies 401k and am now wondering if I should roll the original
balance into this new account. Does anyone have any reasons for merging the
two accounts or leaving them separate? Thanks.

--
Gary


 

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401k, accounts, merge
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