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#1 | ||
General Manager
Join Date: Jun 2006
Location: Chicago, IL
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Best Company to Keep 401K/IRA With
I have an IRA on my own and an old 401k from a previous employer. Going to merge them and figured this would be the best time to move it to a new company if I want to.
Does anyone have any recommendations or does it not really matter? I can't decide between all the big names like Fidelity, ING, TD Ameritrade, etc. |
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#2 |
Grizzled Veteran
Join Date: May 2003
Location: Ashburn, VA
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What are the options for the old vs. the new in terms of funds available?
My job's 401k is through TRowe, though if I changed jobs, I'd be looking at the Morningstar rating for the funds/options available compared to my current plan for that.... My IRA and investment accounts are through Fidelity, mostly because that's what my mom recommended, and she plays the game a lot more than I do. /tk
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#3 |
General Manager
Join Date: Jun 2006
Location: Chicago, IL
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I honestly have no idea. I just picked the funds that seemed safe and stable with the companies I have. I'm thinking of Fidelity because I've heard multiple people claim it's got some great options.
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#4 |
Torchbearer
Join Date: Sep 2001
Location: On Lake Harriet
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It depends on what you want, but if it is a broadbased set of index funds you should concentrate on lower fees. Vanguard and Fidelity are both solid options.
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#5 | |
n00b
Join Date: Nov 2007
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Quote:
Vanguard is an excellent option for the lowest fee index funds you can find; they also have a great selection of funds. If you want a low cost option for purchasing individual stocks in an IRA, Scottrade and Charles Schwab are two options that are usually well regarded. |
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#6 |
Coordinator
Join Date: Feb 2003
Location: Seattle, WA
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Sealy.
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#7 |
Coordinator
Join Date: Sep 2004
Location: Chicagoland
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I use Fidelity primarily because they make the rollover process so incredibly painless and offer plenty of investment options for my rollover IRA, from low-cost index funds to stocks, etc....
I've heard good things about Vanguard and TIAA-CREF as well. |
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#8 |
Pro Starter
Join Date: Oct 2005
Location: Washington, DC
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Correct me if I'm wrong, but you can't just open up a 401k where ever you want. The choices are:
a) keep it where it's at b) roll it into your new 401k c) roll it into a traditional IRA
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#9 |
Coordinator
Join Date: Sep 2004
Location: Chicagoland
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That's my understanding.
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#10 | |
Hall Of Famer
Join Date: Oct 2002
Location: Massachusetts
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Quote:
bolded is an FYI for you RainMaker Last edited by DaddyTorgo : 04-08-2009 at 08:56 AM. |
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#11 | |
General Manager
Join Date: Jun 2006
Location: Chicago, IL
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Quote:
Yeah, I wanted to roll the 401k into the new IRA I was going to create at whatever company. The 401k is from an old company I worked at years ago so it's only a few grand and there isn't any contributions going into it at the moment. Basically I have an IRA at company A and a 401k at company B and am looking to roll both into an IRA at company C. |
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#12 |
Hall Of Famer
Join Date: Oct 2002
Location: Massachusetts
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seems like you ought to be able to do that...however the mechanics of it work out
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#13 | |
College Benchwarmer
Join Date: Jan 2003
Location: Cincinnati, OH
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Quote:
Daddytorgo had a good point, if you are going to be moving your 401k (workplace sponsored account) to an IRA (Individual Retirment Account) with the possibility of moving it back in to a new company's 401k, then don't comingle the assets. HOWEVER... 1) not all 401k plans allow contributions from outside the plan (moving the rollover ira in to their 401k) 2) why would you put the IRA back in to a 401k? I do this for a living. . . I work for one of the companies already listed. Call any of their 800 numbers for their indivdual investing side of the business (IRA's). Tell them what your situation is, what you want to accomplish and they'll explain what your options are, how to do it, time frames, etc. . . It is simple, but easier when you do it all day long. Let them help you so that what you -think- is happening is actually going to be happening. |
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#14 | |
General Manager
Join Date: Jun 2006
Location: Chicago, IL
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Quote:
Thanks for the feedback. I will give them a call in the morning. I guess where I'm at right now is that I am going to have my IRA at Fidelity and they are able to rollover a small one I had somewhere else into this one too. With that settled, I have a 401k from a previous employer. It's $3100 and since I am self employed, I am just contributing to an IRA. So I just have this $3100 at Wells Fargo. I was just looking for an easy way to keep everything at one company so that I don't just have a rogue $3100 somewhere else. Would rather just login to Fidelity and see everything at one place. I wasn't sure if I could move the old 401k into the IRA I currently have setup or if they have to be kept separate. |
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#15 |
College Benchwarmer
Join Date: Jan 2003
Location: Cincinnati, OH
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Depending on how you are set up as being self-employed and how much you are able to put away, there are possiblities outside of a Roth/Traditional IRA.
I do not know your financial situation (clearly) however depending on how much you are putting away, and how you are set up (small bus./self-employed), you may be able to sock a whole lot more away in addition to your IRA. SEP or a SIMPLE may be an option for you as well as your IRA. |
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#16 |
General Manager
Join Date: Jun 2006
Location: Chicago, IL
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My accountant told me I don't meet the requirements for a Roth IRA so I had to do the traditional. Apparently in 2010 though I'm able to transfer my traditional to a Roth if I pay the back taxes.
He's also setting up some stuff for next year to use the company in som way for tax benefits. Had something to do with profit sharing and stuff that was beyond my knowledge. |
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#17 |
Hall Of Famer
Join Date: Oct 2002
Location: Massachusetts
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who do you work for dMB? or do you not want to share?
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#18 |
General Manager
Join Date: Jun 2006
Location: Chicago, IL
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I've moved my money into the Freedom Fund 2045 for now. Have to do some more research and figure out some better options. Definitely open to suggestions.
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