GRS Home  Forum Home
Bank Rates Center
   Savings Account Rates
   Money Market Rates
   Highest CD Rates
Insurance Rates Center
  Auto           Health
   Life              Home
Mortgage Rates Center
  Mortgage Rates
  Mortgage Quotes

Last visit was:
A place for Get Rich Slowly readers to ask questions
and exchange ideas
It is currently Thu Jul 24, 2014 10:00 am




Post new topic Reply to topic  [ 14 posts ] 
Author Message
 Post subject: Small 401k left from first job. What to do with it?
PostPosted: Mon Jan 28, 2013 1:41 pm 

Joined: Tue Aug 02, 2011 8:53 am
Posts: 23
I was at my first job for only 8 months in 2007/2008, but had enrolled in the company's 401k. While I didn't put much in, it's done quite well considering I only contributed for 6 months. The account currently has $2,325 in it. The question is, what do I do with it? Keep it there and let it grow unassisted or put it into something else. What choices would I have? I don't "need" the money, but even though it's been doing well, it seems silly to leave it at a company that I don't have any connection with any more. My current job does not have a 401k plan, so I can't roll it into my new company's plan.

Any advice would be appreciated.


Top
Offline Profile E-mail   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jan 28, 2013 2:11 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1749
I believe that you can roll it over into your TSP.

Or you can try to roll it into a traditional IRA. This shouldn't be a problem, unless the amount doesn't meet the minimum for the fund you have in mind.

Or you can roll it into your Roth IRA. You'd have to pay the taxes on it if you do that. Also, I'm not sure if you have to roll it into a Traditional IRA first and then convert into your Roth.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jan 28, 2013 2:49 pm 

Joined: Fri May 04, 2012 2:23 pm
Posts: 810
rollover to tIRA. You can then convert to rIRA if you feel taxes are something you can/want to handle.

VG's STAR fund and Target date funds have $1000 min investments.

TSP should take the funds as well.

_________________
Bichon Frise

"If you only have 1 year to live, move to Penn...as it will seem like an eternity."


Top
Offline Profile E-mail   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jan 28, 2013 2:51 pm 

Joined: Tue Aug 02, 2011 8:53 am
Posts: 23
I'll look into it. I don't have a TSP, only the hubby does. If I convert to a traditional IRA that goes against how much I can put into the Roth this year though, right?


Top
Offline Profile E-mail   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jan 28, 2013 3:05 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1749
ejb245 wrote:
I'll look into it. I don't have a TSP, only the hubby does. If I convert to a traditional IRA that goes against how much I can put into the Roth this year though, right?

No. Rollovers do not count against your normal investment limits into an IRA.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Tue Jan 29, 2013 7:59 am 

Joined: Tue Aug 02, 2011 8:53 am
Posts: 23
Awesome! Thanks for that. That was one of the reasons I was hesitant to do it!


Top
Offline Profile E-mail   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Wed Feb 13, 2013 11:56 am 

Joined: Wed Sep 12, 2012 7:33 am
Posts: 43
DON'T PUT IT IN A TSP PLAN

I can't believe anyone would even offer that as advice on here. 5 fund choices then more target date crap, what a waste.

Roll it over into an IRA and invest in any freaken thing you want via ETF's, gold, copper, water or any stock or sector in any stock market with no fees.

You can work with an advisor to manage too, I manage accounts that small for my clients as well as some TSP plans but IRA's are the way to go.

http://www.GoldbergFinancialLLC.com


Top
Offline Profile E-mail   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jul 29, 2013 12:30 am 

Joined: Fri Apr 05, 2013 2:30 am
Posts: 154
If you have a job with a new company, then you can roll over the existing 401k into your Roth IRA account.

_________________
Jerry
Forum Moderator, MortgageFit Community


Top
Offline Profile E-mail   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jul 29, 2013 12:10 pm 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1592
Location: Seattle, WA
Jerry wrote:
If you have a job with a new company, then you can roll over the existing 401k into your Roth IRA account.


What? That's not even correct. Your current employment status has zero effect on your choices with a 401k from a previous employer.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jul 29, 2013 12:11 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1749
Pssst...Stannius...

don't feed the troll. He's answering a post from last February. The OP has probably done whatever he was going to do months ago. Jerry's just being...Jerry.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jul 29, 2013 12:15 pm 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1592
Location: Seattle, WA
VinTek wrote:
Pssst...Stannius...

don't feed the troll. He's answering a post from last February. The OP has probably done whatever he was going to do months ago. Jerry's just being...Jerry.


Wow, that's ironic coming from you... I feel like I made that very same comment in a reverse situation.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Mon Jul 29, 2013 12:49 pm 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1749
You mean this thread? My post was about thread necromancy. I was trying to discourage RayInPenn from continuing that practice. I thought there'd be a chance there. I figure with Jerry, there's no chance at all.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Wed Jul 31, 2013 8:59 am 

Joined: Fri Sep 12, 2008 12:29 pm
Posts: 1592
Location: Seattle, WA
VinTek wrote:
You mean this thread? My post was about thread necromancy. I was trying to discourage RayInPenn from continuing that practice. I thought there'd be a chance there. I figure with Jerry, there's no chance at all.


No... I recall an interaction perhaps a month or two ago between you and I wherein you asked a borderline spammer to justify his position, I responded to you that it was just a spammer, and you said you knew that but were trying to combat their misinformation for the benefit of future readers. Or something like that. My recollection is too vague to find the thread in question, sadly.


Top
Offline Profile   
 Post subject: Re: Small 401k left from first job. What to do with it?
PostPosted: Wed Jul 31, 2013 9:33 am 

Joined: Fri May 04, 2007 8:14 pm
Posts: 1749
stannius wrote:
No... I recall an interaction perhaps a month or two ago between you and I wherein you asked a borderline spammer to justify his position, I responded to you that it was just a spammer, and you said you knew that but were trying to combat their misinformation for the benefit of future readers. Or something like that. My recollection is too vague to find the thread in question, sadly.

I don't remember that incident but yeah, I'll cop to it because it does sound like something I would do. Unfortunately, when it comes to Jerry, nothing actually helps, including asking questions about his reasoning when he posts.


Top
Offline Profile   
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 14 posts ]  Moderators: bpgui, JerichoHill


Who is online

Users browsing this forum: Google [Bot] and 11 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Search for:
Jump to:  
Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
Theme created StylerBB.net & kodeki