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401k rollover Bank, Brokerage or current job?

Author :

Submitted : 2018-06-15 05:47:32    Popularity:     

Tags: Bank  rollover  Brokerage  job  current  

I could roll it over to my current job but I don’t plan on staying there but a year or 2 but I still contribute to it and so fall I’m losing money in it. Bank I feel like the returns aren’t quite there and I know nothing about a brokerage.

Answers:

If the "returns aren't there" with your 401K at your new employer, it would be a problem of the funds you selected or the market in general is volatile.
- The first year of the Trump administration the market went up up up, so most retirement accounts went up up up. The 2nd year has not been as favorable.

Current job = I would not recommend rolling it over to your job:
- why? the employer selects which funds you can contribute to which limits your choices. Additionally, with money in a 401K, you don't have access to the money at all except with a hardship withdrawal or a loan. With an IRA there are some instances that you can access the money without penalty.

Bank - most banks have higher fees on their IRA than brokerage accounts. Additionally, it will dependent on who the investment arm of the bank is. For example: Bank of America's investment branch is Merrill Lynch which is a traditional brokerage so the investment plans will be different than a bank that has a small in-house brokerage.

Brokerage - this would be my first choice. Gives you the most options with fewest fees. If you like your current investment options, talk to the first that currently handles the 401K and see what they offer for a rollover to an IRA. When I did this with Principal, they offered a no fee IRA account.
- if you don't like your current 401K administrator, then I'd suggest looking at American Funds. They aren't highly known because they don't do any advertising which reduces the fees. They don't have as many fund options as other brokerages but they are easier to understand.

DO NOT transfer the money in a 401(k) to a bank. This isn't a rollover, it's a withdrawal. You would be taxed on it and penalized for making an early withdrawal.

Moving it to your current job's 401(k) is easiest, but not the best financial choice.

A brokerage is like a bank but its accounts hold stock and other investments. You want to rollover your 401(k) to an IRA account. That is still a retirement account, so the transfer would not be a withdrawal. Whereas a 401(k) gives you a handful of fund choices, an IRA lets you invest in pretty much anything. But you have to manage it yourself.

If it's a small amount of money, consider a Roth IRA - you would pay your income tax now while tax rates are low instead of later when you withdraw it.

Here are some brokerages to consider:
https://www.nerdwallet.com/blog/investin...

you can't do a rollover to a bank.................you can transfer the current 401k funds to the new financial company that the new job has or maybe rollover to an IRA



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