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I'm already retired. I have a 401K with my employer. Should I leave it where it is or should I open a new IRA or can I add it to an existing IRA? If I roll it over to a new IRA should I put it in a totally different company? (IRA in Schwab,401K in Putnam). I would like to consolidate some of my investments...Is that wise?

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You don't mention your age. If you are over 59-1/2 you should be able to take distributions from your 401K anytime you want. You can leave the money there as long as you want (assuming it is over their minimum balance--usually $3500). At 70-1/2 you will have to begin mandatory distributions and pay income taxes on those distributions.

Whether to move the money to an IRA or not depends mostly on costs of the 401K plan and whether you are satisfied with performance. As you do not plan to move the funds to a future employers 401K plan, there is no regulatory reason not to move it. And yes, you can combine it with another IRA account if you want. Simplification and savings on transactions is a good reason to do that. It might be a good idea to keep a minimum of two accounts at separate institutions. This gives you something to compare to (costs, rules, etc) and gives you more choices if you need funds (hours of operation, closed weekends, holidays, etc).

You may want to start thinking about estate planning issues, estate taxes, income taxes and when to take distributions. To avoid mandatory distributions and the high income taxes usually implied, taking distributions whenever your tax rate is low and moving to taxable LTBH investments can be advantageous depending on your circumstances. So can conversion of part or all of the IRA to Roth IRAs.

Best of luck to you.
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