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Multiple retirement accounts from switching jobs. Advice needed.
I'm one of those people who has switched jobs a number of times and never moved those monies that are in 401ks and a 403b. I've never kept up with the accounts in general. With that now out of the way... I'll be coming into a sizeable IRA that I will be inheriting. I'd like to get all my retirement accounts and all my husband's accounts in order (we each have 3-5 accounts), but unsure of how to start. What are your best recs? Should we look at ease of rolling all the accounts over, lowest costs? How many accounts should we end up with - are fewer the better? What are the best investment companies? Lots to think about but I think once we make a decision on how to start it should be easier after that!!
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I was in a somewhat similar situation where I had a roth 401k and a regular 401k and had to figure out what to do! First, there are no tax consequences if you roll a 401k and 403b into an IRA, and roth 401k into a roth IRA. But since IRAs are individual accounts, you and your husband will each have to rollover into your respective IRAs or roth IRAs. Since you say you never kept up with the accounts, it'll be much easier all around from tracking and rebalancing to investing to get all your accounts over into one place like Fidelity, Schwab or Vanguard. You'll have to deal with loads of paperwork at first but it'll be worth it!
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I'm in the Fidelity camp. I rolled 2 old 401ks into a rollover IRA and love the customer service and have grown to like their website. I've heard also great things about Vanguard from others. Do you have any of your old 401ks at a brokerage firm already? That could be an easy option for you.
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@Piers217 Yes we figured this out yesterday. We have 2 accounts already at Vanguard so the decision was easy. Now to the paperwork! We figure that with all the accounts the first thing we need to do is consolidate them before we can do anything else so step 1 being that was a no brainer. Next? I'll be back here. Will need to figure out the investing stuff and make sure we're in the right investments to help set things up for our future.
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