401K

JPMorgan Chase / Eng
wuzbaj7

Go to company page JPMorgan Chase Eng

 wuzbaj7
Nov 10, 2021 9 Comments

Hi guys how do you deal with your 401K after leaving the company?

Rollover to the new employer account or have IRA?

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  • I rollover to an IRA, but I wait until a brokerage has a cash bonus for new money.

    Search “brokerage bonuses” on the blog Doctor of Credit. Depending on your 401K balance, you could get a few hundred dollars or $1000 or more
    Nov 10, 2021 1
    • You just lost your right to contribute to backdoor Roth IRA by doing that. Don’t roll over to IRA, roll over to new 401k plan if fees are similar, to minimize account maintenance (e.g. for rebalancing).
      Nov 10, 2021
  • Amazon
    IlllIlll

    Go to company page Amazon

    IlllIlll
    Since I take advantage of backdoor Roth, I either keep it in the same provider or roll it over to my new company's 401k.
    Nov 10, 2021 0
  • I'm leaving it at old company for now since new 401k has worse options.
    Nov 10, 2021 0
  • depends on the fees
    Nov 10, 2021 1
  • (1) compare the investing options in the different plans
    (2) consider the convenience benefit of consolidation
    (3) IRA vs 401k ... Since they are similar but not exactly the same, depends on your needs -- does your 401k have access to lower-cost funds than you can get on your own? Or, do you want full flexibility of a brokerage acct in an IRA?

    For me personally, I had 2 prior 401ks
    - one had limited options at a brokerage I didn't have any accounts in. Rolled it over to a vanguard IRA
    - other was at vanguard and had institutional classes of vanguard index funds. Keeping that one around
    - current is at fidelity with good funds. I imagine I'll eventually roll it over to vanguard for consolidation/simplicity, but who knows
    Nov 10, 2021 0