{ "media_type": "text", "post_content": "Rookie question - i had a vanguard 401k with my old firm and now have a different one with my new firm. What happens to my old 401k? Does it get merged with my new one?? How does 401k’s work when u move from one firm to another", "post_id": "61a6f3794788d1002d2f1920", "reply_count": 14, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

Rookie question - i had a vanguard 401k with my old firm and now have a different one with my new firm. What happens to my old 401k? Does it get merged with my new one?? How does 401k’s work when u move from one firm to another

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Roll it over

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Will i get an option when i initiate the new 401k?? What does roll it over exactly mean?? Can u please help explain the process

You have a few options 1) leave it where it is if the fees are low and funds are good 2) Rollover to an IRA and invest it how you want 3) Rollover to your new 401k if you like the investment choices and fees

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You can also stay with Vanguard and just open an IRA with them to roll over your funds to.

Your firm has an entire department (or outsources to a company) that exists solely to explain and facilitate your 401k needs. Call them. You are not the first person to need an intro lesson and CERTAINLY not the first person to move money around.

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Yes you have the option to initiate the process to roll it over so it’s all in one spot and you can avoid paying fees or pay less than keeping it with the old employer

You can initiate a rollover with the old 401k provider just call them up. With that said depending on how you roll it over you may wind up paying taxes so I’d recommend if you don’t know what you’re doing call the firms support system for that process or go to a good cpa and they can help make sure you choose which process is right for you

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