Hey, guys! I’ve accepted a position at a company that I really like. I’ve vetted benefits, workload, team members, etc.
The one downside to this position is that I don’t get to roll over my current 401k funds until I’ve hit 1 whole year of tenure with the new company.
I’ve been researching i401k’s online, and it looks like since I’m not self employed, a business owner, or something similar, I actually don’t qualify for an i401k. Soooo I’m stuck keeping my retirement benefits in limbo for a year without being able to rollover and/or continue to contribute.
My question is, what kinds of accounts are available to me? Keep in mind that when I reach a year of tenure, I’d like to move my retirement funds into the company 401k to be able to benefit from them matching my contributions. I’ve looked at IRA’s, but they don’t tend to play nice with being transferred back into 401k’s without me paying hefty fees or fines.
Help, and thank you!
>. My question is, what kinds of accounts are available to me?
An IRA.
[https://www.nerdwallet.com/article/investing/best-retirement-plans-for-you](https://www.nerdwallet.com/article/investing/best-retirement-plans-for-you)
>I’ve looked at IRA’s, but they don’t tend to play nice with being transferred back into 401k’s without me paying hefty fees or fines. Help, and thank you!
No one would recommend you do this either. You’re more than likely offered more funds to choose from and low expense ratios than that of a 401K.
Rolling over your old 401k into your new 401k is only a good idea if you want the simplest account management situation possible. In most cases, you will have more control and pay less in fees if you roll it into an IRA at one of the major investment firms.
You don’t need to roll your old 401k into your new one. Just roll the old one into an IRA and start contributing to the new one. They can remain separate.
You rolling an existing 401k account into your new employer’s plan has zero impact in what they will match. Once you are eligible to participate any match is made on deferrals (new money) being withheld from your paycheck.
Depending upon your current balance you may be able to leave your money in the current plan. If you have a vested balance of $5,000 or more this is an option.
You can also roll it into one of the low-cost IRA providers. Fidelity, Schwab, & Vanguard are the three big ones you’ll see all over this page and don’t necessarily charge a lot. You do need to be mindful of which investments you are using, but that’s true of the 401k accounts as well.
Get the Roth and keep it separate. It’s ok to do so.
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