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Should I leave my 401(k) with my old employer, roll it over to a plan my new employer offers, or do something else entirely?

I'm 52 years old and have $50,000 in a 401(k) from my old employer. I now work for an employer that provides a pension, to which 6% of my salary goes, but they also offer a 403(b) and a 457 plan. My current employer makes no contributions to any plan, and I can't contribute to my old 401(k) while it stays with my old employer. Should I leave my 401(k) where it is, roll it over to a plan my new employer offers, or do something else entirely?

Career / Compensation, Financial Planning, Pensions, 401(k)
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February 2019

I usually recommend a third alternative and that is to roll over funds from any company plan to an IRA after they are no longer employed at the organization. Employer plans usually come with significant fees and expsneses, that come out of your account, and limited investment choices. A rollover IRA will be completely under your control, you may have a fee-only financial advisor help you with the management of the portfolio, and your investment opitons will be more extensive that what was available in the plan. Leaving in it the old plan, or moving it to your new employer's plan both carry the disadvantages of high fees and limited investment options. Also, you may be qualified to make additional contributions to the rollover IRA, depending upon your income level. I wish you well.

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