401k Rollover to IRA

[CROM]

For the financial gurus, a need a little guidance. I have a couple of 401K accounts from previous employers that...until recently, of course....had been doing very well. I elected to keep the accounts with the employers (both Oil and Gas companies) because I really hadn't had the time to investigate other options. I had considered for the past several months rolling them over into an IRA, so that the money is all in one account and I'll have the ability to make adjustments if need be. I currently can't since I'm no longer with those companies.
Anyone had any experience with this? If so, what is a good rollover option? Is this the right time?

 

[OfTheCross]

For the financial gurus, a need a little guidance. I have a couple of 401K accounts from previous employers that...until recently, of course....had been doing very well. I elected to keep the accounts with the employers (both Oil and Gas companies) because I really hadn't had the time to investigate other options. I had considered for the past several months rolling them over into an IRA, so that the money is all in one account and I'll have the ability to make adjustments if need be. I currently can't since I'm no longer with those companies.
Anyone had any experience with this? If so, what is a good rollover option? Is this the right time?

You can still roll them over. It's your money. Just find out open and IRA some where...get the account information....contact your employers and ask them to roll over your 401Ks to your new IRA

 

[Wardo]

Thank you for asking this question. I have no idea what to do with mine

 

[CROM]

You can still roll them over. It's your money. Just find out open and IRA some where...get the account information....contact your employers and ask them to roll over your 401Ks to your new IRA

Any recommendations as to where? I bank with BoA, so Merril Lynch is available...but I’m not all that sure about having all of my money in 1 place.

 

[CROM]

Thank you for asking this question. I have no idea what to do with mine

I feel you. I looked through past threads and didn’t see anyone bring it up. Been on my mind for a while, so I figured I’d throw it out there.

 

[MediaMogul817]

I recently had a rollover done (end of Feb before the market madness) after I left a company. I work with a financial advisor at AXA (now Equitable) and they set up the IRA and provided some investment options for it. I recommend you do it for the simple reason of combining into one so you can make better allocation decisions

 

[fantabolous]

For the financial gurus, a need a little guidance. I have a couple of 401K accounts from previous employers that...until recently, of course....had been doing very well. I elected to keep the accounts with the employers (both Oil and Gas companies) because I really hadn't had the time to investigate other options. I had considered for the past several months rolling them over into an IRA, so that the money is all in one account and I'll have the ability to make adjustments if need be. I currently can't since I'm no longer with those companies.
Anyone had any experience with this? If so, what is a good rollover option? Is this the right time?

I mean this with absolutely all due respect:

Based on the question you don't sound like a serious investor. I've actually held securities licenses before changing industries some, and I wouldn't even call myself very serious, so no disrespect meant. If you have enough, especially considering the current conditions, you'd likely fare best by rolling over to an IRA and having an advisor manage for you. Depending on your bank that may be the best place to start.

 

[CROM]

I mean this with absolutely all due respect:

Based on the question you don't sound like a serious investor. I've actually held securities licenses before changing industries some, and I wouldn't even call myself very serious, so no disrespect meant. If you have enough, especially considering the current conditions, you'd likely fare best by rolling over to an IRA and having an advisor manage for you. Depending on your bank that may be the best place to start.

No disrespect taken from this. I just recently...well the past year...started paying close attention to the markets and have been considering how to grow what I have, as opposed to just letting it sit. So as to being a serious investor? You could say I’m in the intermediate stages of that. I do own stocks...buying more while the market is down...but I’m no expert by any stretch. I’ll take your advise on the financial advisor.

 

[fantabolous]

No disrespect taken from this. I just recently...well the past year...started paying close attention to the markets and have been considering how to grow what I have, as opposed to just letting it sit. So as to being a serious investor? You could say I’m in the intermediate stages of that. I do own stocks...buying more while the market is down...but I’m no expert by any stretch. I’ll take your advise on the financial advisor.

Glad it was taken well, I know sometimes written words seem more harsh than intended. To be fair, I also forgot this is the serious part of the forum where people tend to actually have reading comprehension skills.

Good that you do trade on your own as well, as do I. My portfolio is doing nowhere near as well as my managed money so I do see some advantages to having my "real funds" handled professionally. Active management is very useful right now since market conditions, though somewhat stabilizing, are shifting fast. I wish you success, and hopefully you weren't too heavily exposed in oil, that industry has been hit pretty hard

 

[Ethnic Vagina Finder]

Roll it into a Traditional IRA, not a Roth.

 

[fantabolous]

Roll it into a Traditional IRA, not a Roth.

If his 401k consists of Roth funds already that wouldn't be possible...

I wouldn't suggest taking the tax hit to do a Roth conversion if already in traditional. Most advisors are going to suggest rolling 0ver into whatever you're already in, I couldn't imagine trying to really explain a Roth conversion to the average client...

 

[Ethnic Vagina Finder]

If his 401k consists of Roth funds already that wouldn't be possible...

I wouldn't suggest taking the tax hit to do a Roth conversion if already in traditional. Most advisors are going to suggest rolling 0ver into whatever you're already in, I couldn't imagine trying to really explain a Roth conversion to the average client...

I doubt he has a Roth 401k. But if he does, then a Roth IRA would be the logical choice.

but he could do worse. An old client of my move her money into a fixed annuity. She wanted to get out of it after 1 years because of the shytty yield. She got finessed