Anyone flip their 401k to IRA yet? What was your experience? Did you choose managed or self directed ?
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@dk thank you, appreciate the insights… very good thinking to consider !
Keep in mind if you roll over to Fidelity to be managed they take a % fee. It may seem small, but adds up over time.
Not financial advice.
@de+1khvpb5mh , you do not have to roll over. It can stay as 401k (presuming you are happy with the offerings that VZ 401k has)
- 401k has better credit protections than IRA (Google for more details). So, as an example, you have a side gig where the odds of getting sued are higher, then is it worthwhile to stay in 401k
- If you plan to make changes in your brokerage (say more International stocks, move into bonds etc), see if you can mimic that change in your 401k (or IRA) instead. This is because there may be ensuing taxes on gains in your brokerage account . You can avoid the taxes on gains in your 401k account for those changes.
- Check your beneficiaries in your 401k. Make sure that no life events have occurred that necessitate change in the beneficiaries.
- Lastly "lock" your account for money transfers and ACATS (Google it). You have worked hard for your 401k. Make sure it safe for online fraud. A Fidelity representative can show you where to make changes in your account for these security measures.
Do we have to roll it over to an Ira or can it stay a 401k?
Financial advice on a lay-off site …. Lost in Space. Hahaha 😂
I moved my VZ 401k to a Fidelity Roth IRA. My lump sum pension was rolled over to a Fixed Index Annuity that guarantees 10% return, no matter what the stock market does
@OP seamless, self directed to rollover ira