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soysauce021 10-05-2009, 06:35 PM I'm a complete noob when it comes to the 401k so bear with me here. I still have my old 401k from my previous job that I need some advice on. Should I just leave it as is where it's at? transfer to traditional ira? What are some of the positives and negatives of each choice? :cheers Dorkfish 10-06-2009, 12:13 AM I just replied to this very question on the other thread. Direct rollover to an IRA is the way to go - many more choices, much more control, no further dependance on your old HR department for support. soysauce021 10-06-2009, 12:20 PM Thanks dorkfish...and traditional IRA right? Dorkfish 10-06-2009, 05:15 PM Yep, traditional. It'll grow tax deferred and be taxed at withdrawal at your income tax rate. You might crunch numbers with the financial planner about paying the taxes and rolling it to a Roth IRA where it will never be taxed again, but that's unlikely to come out unless you'll have over about 700k in retirement at the end of the road, and you definitely want to have the money in hand to pay the taxes. But that's probably splitting hairs when considered in the context of HOW FREAKING SMART YOU ARE FOR ROLLING YOUR 401K INTO AN IRA. Good onya'! GriffinD 11-04-2009, 06:15 PM +1 on rolling over your 401k into an IRA. Did it a few years back & it's the correct move. :thumbup Wag 11-04-2009, 09:12 PM Absolutely move it into a rollover IRA. If you like, put it into a self-directed IRA but being a noob, it may not be the best move for you. --Wag-- GriffinD 11-10-2009, 04:54 PM I would put it in something more long term so that you don't have to watch it often. Unless you want to actually pick your own funds & trade them, like Wag was saying... Revzilla 11-10-2009, 06:03 PM Another option is to roll into an IRA with a fixed yield such as a bank or credit union. You can get like 3% guaranteed on your money while you take a year to think about your options and get a financial planner. soysauce021 11-12-2009, 05:15 PM Another option is to roll into an IRA with a fixed yield such as a bank or credit union. You can get like 3% guaranteed on your money while you take a year to think about your options and get a financial planner. exactly what I did a few days after my original post :cheers Rolled it into a Wells Fargo IRA account, going to wait until I get some time to find a good financial planner. I'll then decide what I want to do with that money. In the mean time I've been putting as much as I can into it as well. GriffinD 11-13-2009, 10:12 AM Thats the best way to do it Soy. Do you know if you can pick from any fund?? or do they limit the funds you can choose from? | ||