No. of Recommendations: 0
I wouldn't recommend you roll 401(k) money into an existing IRA.

I recently converted a 401K to a Rollover IRA. I then combined the Rollover IRA with my existing Traditional IRA for several reasons:

1) Simplicity - I like having fewer accounts.
2) Control - Access to more funds with my IRA
3) Fees - My traditional IRA with only had $4000 in it so I was being charged an annual maintenance fee. By combining this amount without my rollover fund I eliminate this fee. This was probably my main reason.

Lastly, I have been thinking about closing my fidelity IRA accounts and moving to Vanguard. Fidelity charges a $50 closing account fee (btw, I find it insane to charge someone a fee when they stop doing business with you, but that's a whole other story - if I stop going to my favorite restaurant are they going to charge me a $25 stop-dining fee?)

Anyway, by combining these accounts I would only have to pay $50 instead of $100 if I close the account.

JJasp
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.