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I would roll over to an IRA like vanguard to have more flexibility over the types of funds (or keep in the target date fund) while minimizing expense costs
Roll to 401k to keep backdoor roth option open
If you ever thought you might want to do the back door Roth IRA, that would be one argument for rolling it over to his current 401k. Details:
https://www.morningstar.com/articles/364861/backdoor-roth-iras-could-cost-some-investors-at-ta.html
Otherwise, rolling it into an IRA would probably allow you to stay with a low cost mutual fund provider like Vanguard or Fidelity and have the broadest set of low-fee investment options. If your spouse’s current 401k plan is not with a low cost provider like that, the IRA is probably a more attractive choice.
1. Roll over this 401k into IRA
2. Transfer it to his current 401k plan with his current firm
Which option do you recommend and why? Please help me out!
My understanding is that he cannot keep in the current 401k vehicle. There is one advantage to moving the money to his new 401K. If he stays at that new company with the 401k until he reaches age 55 and then leaves before age 59.5, he could access the money after leaving and between age 55 and 59.5 without the 10% early withdrawal penalty. This is called the rule if 55. Aside from that one advantage, it’s often better to roll into an IRA with a company you trust with low fees and a many more investment choices.
Roll it into an ira or to a new 401k to keep the backdoor open, like bcg1 suggested. Those are the only options that make any sense.
I don’t understand how your promo fits in to your spouse’s 401k, but echo bcg1
When you hit “management group” new independence rules come into play and apply to your immediate family(spouse,parents(iirc), dependents).