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Ok so in April 2019 I got a new job. I stayed at that job 5 months. During that time I opened a 401k. There is not much in there only $2300. I never rolled over my 401k from the job I left in April. I now have a new job and am going to roll over the funds from the job I left in April to this new job.
What should I do with the $2300, just take a lump sum? Not sure it’s worth transferring anywhere?
I also have a traditional IRA that I opened in July. I put $1550 in and now have $1556. Not sure why i have this account now.
My last job used fidelity and so does my current. My current job also has plans through vanguard and TIAA. I am kind of set on using fidelity since that’s what I’ve always used. Sounds like from what I’ve read here vanguard might be better?
Just some thoughts- I would roll over the $2300 from your old 401k. You can't save to much for retirement.
As far as the IRA here's a thought; if your employer offers a match on your 401k, contribute enough to earn that match, then put the rest of your retirement savings into the IRA.
That gives you the match (free money), some post-tax savings and some diversification.
Just some thoughts- I would roll over the $2300 from your old 401k. You can't save to much for retirement.
As far as the IRA here's a thought; if your employer offers a match on your 401k, contribute enough to earn that match, then put the rest of your retirement savings into the IRA.
That gives you the match (free money), some post-tax savings and some diversification.
Thanks! What do you typically have to contribute to get the match? I didn’t think that mattered
And you’re saying I should move the money I have in my old employers 401k to the IRA that has $1500 now? And just contribute to my current employers 401k starting new?
And you’re saying I should move the money I have in my old employers 401k to the IRA that has $1500 now?
You could roll it into your IRA, or you could roll it into your new employer's 401k (assuming your new employer's plan allows it, which most plans do). I don't think it matters much which option you choose. But DO roll it over to one or the other!
It seems that some people don’t always roll it when they get a new job? They just leave it where it is and start another account. I don’t know why they’d want to do that unless they’re previous employer had a better plan
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