Left my old employer with 100k+ in 401(k).
Starting new job’s 401(k) at $0.
Most people on the internet seem to suggest it’s best to rollover old 401(k)s into IRAs. Feel like then I’d have one semi-sizeable IRA and a tiny new 401(k). Any reason(s) to instead rollover my old 401(k) into my new 401(k) and just have one main retirement fund? What are the main considerations for each option?
Additional considerations: mid-20s, have a Roth IRA but income not above limit to contribute further. [Bonus question – what should I do with my existing Roth IRA if I expect to always be above the income limit to contribute moving forward?]
Thanks a ton for any tips.
Backdoor Roth (either now or in the future) would be a reason to not have Rollover/Trad/Simple/SEP IRAs.
> what should I do with my existing Roth IRA if I expect to always be above the income limit to contribute moving forward?
Same answer as previous.
Read this for everything you need to know about Backdoor Roth and Form 8606:
* https://www.whitecoatinvestor.com/backdoor-roth-ira-tutorial/
Read this list of common screwups and solutions with respect to backdoor Roth. Beware of Screwup #5.
* https://www.whitecoatinvestor.com/fix-backdoor-roth-ira-screw-ups/
Most people roll the 401k into an IRA to have more control and more options. Usually 401k plans have a limited set of things you can invest in, whereas an IRA allows you to invest in pretty much anything. Now, a 401k may have a few unique options, such as doing a loan, but for most people those aren’t things they’re going to do.
You may find these links helpful:
– [General Information on Rollovers](/r/personalfinance/wiki/retirementaccounts/rollovers)
– [401(k) Fund Selection Guide](/r/personalfinance/wiki/401k_funds)
– [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
– [“How to handle $”](/r/personalfinance/wiki/commontopics)
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Rolling over old 401k to rollover ira is so that you can have more control over what you invest just in case the new 401k has limited choices. Since you can still directly contribute into roth, you may want to consider this if so, or roll over to new 401k if you are satisfied with the options (you can always rollover the rollover ira back to new 401k once your income increases to a point where you can’t contribute directly to roth, that is if backdoor roth hasn’t been axed by then).
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