Employer change -401k

Amazon
Gchtsjf

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Gchtsjf
Apr 7 28 Comments

How does 401K work once you leave an employer? Is it advisable to transfer to the next one or start a new one with the best employer?

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  • Toast
    gw56hw7

    Go to company page Toast

    gw56hw7
    depends on how much you have in old employers account. if it's tiny amount then it'll need to be rolled over. if it's large amount then many support leaving that account as is, rollover into new employer account or rollover into IRA

    if you are gonna rollover, do so within first 60 days
    Apr 7 10
    • Rolling over is ok anytime without tax implications. I rolled over to an IRA like 15 years later and i didnt get taxed.
      Apr 7
    • You can roll it over at anytime, once you start that process you have 60 days to complete it (move all funds to a new IRA/401k).

      I am one of the people who just keep multiple 401k's not a big deal IMO. Maybe if I get too many i'll consolidate them all though.

      As long as your 401k has a good total market fund option with low fees its all good, for me at least.
      Apr 7
  • I roll all my old 401ks into an IRA. It’s a lot easier not to have a bunch of different accounts to manage
    Apr 7 4
    • I rolled over to an IRa in vanguard because I liked the funds available there , and i can move my money around as needed within funds. In new employer 401k plan, there were limited funds , thats why i didnt choose that route.
      Apr 7
    • Blend
      Gimao00

      Go to company page Blend

      Gimao00
      IRAs are generally more flexible in terms of investment options, if you want to invest outside of employer-selected funds.
      Apr 7
  • Its a good strategy and chance to rollover to Roth 401K or Roth IRA instead of traditional counterparts.
    Apr 7 7
    • Google
      ehanckfjen

      Go to company page Google

      ehanckfjen
      Rollover from Roth 401K to Roth IRA is definitely not taxable.
      Apr 8
    • Uber
      KzmP06

      Go to company page Uber

      KzmP06
      Don’t listen people on blind including me. You should ask tax expert before doing rollover.
      Even before press rollover button in Fidelity there will be such warning.
      Rollover to Roth IRA may cost you 30-40% of 401k.
      Apr 8
  • Amazon
    happy19

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    happy19
    Fidelity site has a good link on 401k vs Ira. There r some flexibilities u lose with Ira, but get more options and control over where to invest. If u are happy with the returns u are getting and no fees added after u leave the job, u can just leave it as is..rollover to new 401k if that has better options and results.
    Apr 7 0
  • SAP / IT
    πŸ§β€β™‚οΈπŸ€·πŸ½β€β™‚οΈπŸ€¦πŸ½β€β™‚οΈ

    Go to company page SAP IT

     πŸ§β€β™‚οΈπŸ€·πŸ½β€β™‚οΈπŸ€¦πŸ½β€β™‚οΈ
    You cant take loan from IRA
    Apr 7 0