I have a 401k from my previous employer. With my new employer I started a Roth 401k. My question is what would be the best thing to do with the old 401k? Leave it where it is? Should I move it to an IRA or join it with my new Roth 401k?

smarthelpful
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This is very circumstantial. You should consult a professional

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I’d be happy to help. Often times you will be better off rolling it into an IRA and diversify into funds aligning with your goals and risk tolerance. A lot of 401ks are great for the employer match, but not great with fund versatility. It’s amazing that you have a Roth 401k option and are utilizing it

likehelpful

Leaving a 401K with a company where you no longer work is like leaving your money with an ex after a divorce!

likehelpful

Ha! I guess I agree, but my previous employers 401k consistently outperforms the one provided by my current employer. Was thinking of consolidating but…yeah it just does so much better than what is available at my current company. From another previous company, I rolled that over to self directed IRA and did ok for myself, enjoy managing a little portion like that myself but I don’t have the time or energy to manage my entire portfolio on my own

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Yeah really depends on the fees

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Cost is only an issue in the absence of value

Get it into a low cost IRA.
Your 401k provider has ridiculous fees.

helpful

I’d roll it over to an IRA with one of the big names, I like TD Ameritrade but pick your favorite.

helpful

And?

It would depend on your situation and the fees. I would move it to my current account, but that is a personal preference.

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You can’t move it to the current account because it’s Roth. Also, the “fees?” They need to work with a professional and get solid advice.

Old Traditional 401k ➡️ New Traditional 401k
Old Roth 401k ➡️ Personal Roth IRA

The only reason to move traditional funds into an IRA is if it's a tax hit that makes sense for you. Don't open a Traditional IRA unless you never want to backdoor Roth.

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So it's "wrong" because you didn't read or can't comprehend. It literally says that the Traditional IRA makes sense if your tax situation works out that way. I then reiterated that it can make sense in the right tax situation.

Brush up on the reading comprehension skills FA1.

A lot of 401k plans offer advice. See if yours does and speak with them.

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