{ "media_type": "text", "post_content": "Just switched jobs. Old 401k has more than $5k and new 401k is with a different provider.\n\nIs there any reason whatsoever to move the old 401k cash anywhere, either to the new 401k or to an IRA? Given that it's more than $5k, it can stay there indefinitely, right? I'm fine with the investment options with my old 401k. And I can transfer it over to a new IRA or new 401k anytime, even years in the future, right? Given that no distribution will come to force the 60 day rule?", "post_id": "616a2d220547ac002aeaced4", "reply_count": 31, "vote_count": 3, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Just switched jobs. Old 401k has more than $5k and new 401k is with a different provider. Is there any reason whatsoever to move the old 401k cash anywhere, either to the new 401k or to an IRA? Given that it's more than $5k, it can stay there indefinitely, right? I'm fine with the investment options with my old 401k. And I can transfer it over to a new IRA or new 401k anytime, even years in the future, right? Given that no distribution will come to force the 60 day rule?

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I loved my 401k to an IRA when I moved. Reasons- 1. More control on what I can invest in- stocks, etfs, forex, precious metals etc. 2. By law, spouse has claim to 401k and to change beneficiary, you need their written consent/letter. Not the case with IRA. Since I’m single, need to protect everything I can 3. Not looking to borrow against 401k anytime soon so the only upside doesn’t apply to me

Yes.

Move it. Your brain will thank you

It won't, for reasons stated in a comment. I'll have to have two investment accounts anyway.

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You might have higher fees now that you aren't an employee.

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To be clear, it's cheaper to STAY and NOT switch assuming my old firm isn't going to change my fees. I have not seen any literature saying that it will because I'm an ex employee

Just roll it over into the new 401K. $5K is not much and will sacrifice a significant fraction of the gains to the management fees. It’s too small of an amount to justify maintaining a separate account.

funny

Mmhmm sticks and stones…

funny

Independence issues may push you to move it. If that’s an issue at your new gig.

Nope, not an issue! Big 4 life did echo in my head over this rollover stuff though lol

You can also consolidate just to manage not having to log in to all the websites and getting different tax forms to do annually

But in a few years, you will have more…Alight, MassMutual, many platforms and systems out there Also, if and when you decide to buy a place. Many places give better rates if you have more assets with them. So that’s another reason to move

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