Rolling over 401k

[black2002ls]

I have a very small 401k with my current company (~1200), I have only been eligible to participate for a year. I am not sure how much will be available when I leave on the 19th. I plan to roll it over to an IRA, my question is, are they all the same? Or are some geared more toward fast growth than others? Any particular investment firm I should contact?

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[Roscoe]

You rollover to an IRA (Rollover IRA, not Roth or Traditional) and then you select what funds you want to invest in from there.

I'd suggest Scotttrade. You can get the check and walk right in and they will open you up an account.

Don't cash that check, you'll be taxed out the ass on it. Also check to see what your vesting schedule is. If you're 100% vested, it's all your's. If not, some may be pulled back from the employer contributions, if any.

[black2002ls]

You rollover to an IRA (Rollover IRA, not Roth or Traditional) and then you select what funds you want to invest in from there.

I'd suggest Scotttrade. You can get the check and walk right in and they will open you up an account.

Don't cash that check, you'll be taxed out the ass on it. Also check to see what your vesting schedule is. If you're 100% vested, it's all your's. If not, some may be pulled back from the employer contributions, if any.

Thank you. I am thinking since it is a small amount, I will put the majority in an aggressive fund. The new employer matches up to 6% which should be 2100/yr (my contribution). Though I don't become eligible for 3 months

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[Roscoe]

In that case, just wait until you have your new one and roll your old one into your new one.

Only difference is you can only select from funds offered in your employer's plan (rollover) vs. select from a lot of funds (Rollover IRA).

For sake of argument, just rollover to your new one.

[BMCSean]

In that case, just wait until you have your new one and roll your old one into your new one.

Only difference is you can only select from funds offered in your employer's plan (rollover) vs. select from a lot of funds (Rollover IRA).

For sake of argument, just rollover to your new one.

This. If you transfer directly it will save you roughly 20% you would lose if you transered to yourself first.

[black2002ls]

Thanks! I guess they will send me a disbursement check and I just sit on it until I start the new 401k?

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[racrguy]

Thanks! I guess they will send me a disbursement check and I just sit on it until I start the new 401k?

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I would open a new IRA with it, then when eligible for your new one roll it over that way, or just let it sit where it is until you can roll it over to the new employers' plan. A lot of checks go bad after 90 days or somesuch shit.

[slow99]

Thank you. I am thinking since it is a small amount, I will put the majority in an aggressive fund. The new employer matches up to 6% which should be 2100/yr (my contribution). Though I don't become eligible for 3 months

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You're exhibiting "mental accounting" fallacy - placing your assets and corresponding ideas about the use thereof, into separate buckets. You should always view your assets, and respective correlations, from the portfolio perspective.

Given your young age and high proportion of relatively more bond- than equity-like human capital, you should aggressively invest the funds however ... that part is correct.

[racrguy]

You're exhibiting "mental accounting" fallacy - placing your assets and corresponding ideas about the use thereof, into separate buckets. You should always view your assets, and respective correlations, from the portfolio perspective.

Given your young age and high proportion of relatively more bond- than equity-like human capital, you should aggressively invest the funds however ... that part is correct.

One would need a check with a 3 followed by 6 zeros, minimum, to have you handle their investment affairs, correct?

[slow99]

One would need a check with a 3 followed by 6 zeros, minimum, to have you handle their investment affairs, correct?

As a rule, yes. We'll take a $1MM account on a one-off basis if they're friends with a higher up, know somebody, etc.

[racrguy]

[slow99]

pic

Just more economics really ... we don't make any money at 80 basis points on a $1MM portfolio.

[racrguy]

Απλά περισσότερο στα οικονομικά πραγματικά ... δεν κάνει οποιαδήποτε χρήματα σε 80 μονάδες βάσης σε $ χαρτοφυλάκιο 1MM.

That's Greek to me, dude.

[GeorgeG.]

That's Greek to me, dude.

LMFAO!!! I'm right there with you man

[racrguy]

LMFAO!!! I'm right there with you man

I worked the google, 1 basis point= 1/100th of 1%, so 80 basis points is .8%