I just discovered a sizable 401k I had forgotten about from a job I left in 2015 (Publicis NY). I now live in California and am lost on what to do with these funds so I’m not drastically penalized.

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Roll them over to your current 401k, no penalties.

likesmarthelpful

You can just leave them where they are.

likehelpful

True. Can’t make adjustments to invest strategy seems but guess that’s best.

like

Roll them over into another 401k or put them in an a traditional IRA.

likehelpful

Freelance 1: In pretty sure it’s better to do this now than later. It’s better to pay the taxes now than whenever they need it. History shows us that taxes aren’t going down anytime soon.

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Start a new 401k and roll your old shit over. And keep contributing. That’s a great surprise!

like

There is no tax penalty so long as you roll it into another retirement account: a 401k if you’re working, or an IRA if you’re self employed.

likehelpful

You can create your own Rollover IRA at your own brokerage account (Schwab or Fidelity for instance). Use it to rollover any 401(k) accounts from this and future jobs. Ask your accountant, but you may want to NOT commingle it with other IRA accounts and not contribute to it other than with 401k funds—it might make things easier at withdrawal time. But again, best to ask an accountant. Once it’s in your own Rollover IRA account, you can invest however you like.

likehelpful

Roll over into a traditional IRA (or just "IRA") at the same firm the money is now at, it won't cost you anything and only needs one phone call. To do a Roth, you will have to pay taxes now, a Roth only takes after-tax money. If your taxes are really low right now, the Roth might be worth it.

helpful

Roll them over to me please

like

I own my own business now so no 401k. Start new one or different fund by taking hit on a lump sum today?

Or an Individual 401K / i401k

My old 401k automatically rolled into a Roth IRA and a rollover IRA... don’t really know the diff

Read it properly:

Traditional 401k = no taxes upon contribution. Tax upon withdrawal

Roth 401k = taxes upon contribution. No tax on withdrawal.

You balance both. If you anticipate having a lot of income (higher than now) in retirement years, then you do Roth.

There is no black and white. You have to decide on your own circumstances.

helpfullike

Makes it easier to track where your money is. Once you’re on Job #6 or 7, don’t really want to be chasing those 401(k) accounts around...

You can open a SEP IRA and roll it over to that

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