My wife recently quit her job and has about $50,000 in her state retirement account. Her new job has a 401k with a 6% match. I guess we just aren’t sure what the best approach would be. Do we somehow roll it into her new 401k, start a different separate retirement account, or something different entirely.
If her 401k has good investment options, roll it there.
If her retirement has high(er) fees or bad selections, open an IRA. Her 403b(?) retirement is probably pretax contributions, so you have to decide whether you want to keep them pretax and open a traditional IRA, or convert them to post tax in a Roth IRA. You might could open an IRA with her new broker if you’d like, or pick a different one.
The big 3 Ira brokers are Vanguard, Schaub and Fidelity. Decide whether you like Red, Blue or Green respectively and pick that one.
You want a direct rollover between the brokers if possible – the old retirement account will pay the new broker directly, rather than cutting you a check that you have to deposit to the new broker.
state retirement account. What type of account is it? Roth IRA, 401K, Traditional Roth. finding the specific type of account will help you with deciding what your next step should be.