Should I roll over my old 401Ks into my new 401K?
I have an old $1,000 401K (I took out a loan and withdrawal for the down payment on my house) and an old $7,000 401K. As you can tell, I’ve only been at my previous jobs for 2 years apiece before moving on.
Each time, I found out the fee was $50 to roll it over so I decided not to.
Three years later, my first 401K (the $1,000 one) had been transferred from retirement company to retirement company. Then, I stopped receiving statements. When I called my old company and retirement company after retirement company, I got the runaround. I did (hopefully) locate my first 401K. Now I’m afraid that either of my 401Ks will be lost eventually.
Is it worth the $50 fees ($100 total) to roll them over?
- CBLv 71 month agoFavorite Answer
Previous employment 401k can be rolled over to a self directed IRA and that is the right move. Don't limit yourself to your current employers 401k investment options by rolling it into their plan.
- JudyLv 71 month ago
Probably yes, but I'd roll them to an IRA rather then your new IRA. Either works, though.