I switched company a year ago. I had currently two 401k accounts for 2 different companies (current company uses vanguard where as previous uses empower retirement). Should I move my empower account (previous employer) to vanguard (current employer) 401k? What are advantages and disadvantages? #401k
Or... You can convert your old 401k account to an IRA. Gives you a lot more flexibility on investment options.
1. Does conversation has any tax penalties? 2. What can I do in IRA? (In 401k its by default invested in retirement index 90% stock, 10% bonds) Thanks for putting options. I wasn't aware of this :)
1. No penalty but make sure you don’t withdraw. Do a direct roll over to a rollover IRA 2. You can invest in anything in any IRA: stocks, bonds, mutual funds, etfs
Move if Vanguard offers more choices and low cost options
Thanks for advice. Just would also like to know your thinking behind as well :) why Vanguard is better than empower?