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Started By
Message
401K from a previous job….what to do with it?
Posted on 1/16/26 at 6:37 pm
Posted on 1/16/26 at 6:37 pm
Daughter has a 401k from her previous job. She was only with the company for less than 2 years so I don’t think it has a large balance.
It’s with some company called Paychex Flex. Never heard of it and I don’t know what kind of control or funds distribution it has.
What would yall do?
Roll it into a traditional IRA?
It’s with some company called Paychex Flex. Never heard of it and I don’t know what kind of control or funds distribution it has.
What would yall do?
Roll it into a traditional IRA?
6
Posted on 1/16/26 at 6:44 pm to dkreller
quote:
Roll it into a traditional IRA?
Yes.
Posted on 1/16/26 at 7:09 pm to dkreller
quote:
Roll it into a traditional IRA?
Posted on 1/16/26 at 7:20 pm to dkreller
What kind of options does her current 401k offer?
If it has a good selection and decent investments, I’d recommend rolling it into current 401k.
If it has a good selection and decent investments, I’d recommend rolling it into current 401k.
Posted on 1/16/26 at 7:26 pm to LSUtigerME
Rollover any Roth 401k balance to a Roth IRA. If traditional 401k balance isnt much and she's not in a high bracket, move to traditional IRA then do a Roth conversion and pay the tax from outside funds so entire balance goes to Roth.
Otherwise, move to current 401k if it is decent.
Rollover to a traditional IRA and leaving it there will make future backdoor Roth costly.
Otherwise, move to current 401k if it is decent.
Rollover to a traditional IRA and leaving it there will make future backdoor Roth costly.
Posted on 1/16/26 at 7:30 pm to Joshjrn
quote:
Roll it into a traditional IRA? Yes.
If you do that doesn’t it duck up your back door Roth option?
I know we can’t do a back door Roth for my wife because she has an IRA from a previous 401k roll over. Sucks that I can only back door a Roth under my name and not both us.
Posted on 1/16/26 at 7:36 pm to LSUtigerME
quote:
If it has a good selection and decent investments, I’d recommend rolling it into current 401k.
I didn’t know you could do this. I’ll see what I can find out.
Posted on 1/16/26 at 7:36 pm to Rize
quote:
back door Roth option
Explain this to me like I’m 5
Posted on 1/16/26 at 7:39 pm to dkreller
quote:
Explain this to me like I’m 5
If you make over $153,000 single or $242,000 jointly you can’t fund a Roth because you make too much money. You fund a trad Ira with after tax money then covert to Roth.
This post was edited on 1/16/26 at 7:45 pm
Posted on 1/16/26 at 7:41 pm to Rize
shite I already opened a Roth but haven’t contributed anything. Did I screw myself?
Posted on 1/16/26 at 7:46 pm to dkreller
quote:
shite I already opened a Roth but haven’t contributed anything. Did I screw myself?
Do you have an IRA?
Posted on 1/16/26 at 8:01 pm to dkreller
I mean, if it’s in some decent funds with a low expense, then I don’t see why you have to move it.
Posted on 1/16/26 at 9:24 pm to Rize
I opened a Roth IRA but haven’t made a contribution to it yet.
To answer your question, no I don’t have a traditional IRA.
To answer your question, no I don’t have a traditional IRA.
This post was edited on 1/16/26 at 9:25 pm
Posted on 1/16/26 at 9:27 pm to dkreller
quote:
I opened a Roth IRA but haven’t made a contribution to it yet.
Well you’re fine as long as you don’t have a traditional IRA.
My wife inherited 14k from her dad when he passed and we rolled over her 401k into it. I don’t have a traditional IRA, I have a 401k and backdoor a Roth.
This post was edited on 1/17/26 at 6:41 am
Posted on 1/17/26 at 6:18 am to Rize
quote:
My wife inherited 14k from her dad when he passed and we rolled over he 401k into it. I don’t have a traditional IRA, I have a 401k and backdoor a Roth
I may not be reading this correctly?
Inherited money from a 401k?IRA?
Inherited retirement accounts are treated different now.
10 years to empty the accounts(minors and disabled exceptions).
Please expand on the monies and what was done.
Thanks.
Posted on 1/17/26 at 6:42 am to makersmark1
Inherited from an IRA if I’m not mistaken. We then rolled her 401k into an IRA years later. I’m pretty sure they are in the same IRA because I’ve got 2. One with a balance and 1 under my name that I use for my back door with zero balance.
This post was edited on 1/17/26 at 6:49 am
Posted on 1/17/26 at 5:17 pm to dkreller
This is a great question and something I've been wondering myself.
I've got around $100k~ in my former employers 401k in a fund that's averaged a 19.66% return over the last 3 years. It's averaged close to a 13% return over the last 5 years. Overall I've been happy with the company (Principal) and the fund (BlackRock Lifepath Index 2055 k fund) and have been hesitant to make any changes.
I don't like my current employers financial service provider as much as Principal, but I am happy with what I've got setup through them (100% VTSAX).
Am I making a mistake with leaving funds in my former 401k instead of rolling it over into my current one or into a IRA?
I've got around $100k~ in my former employers 401k in a fund that's averaged a 19.66% return over the last 3 years. It's averaged close to a 13% return over the last 5 years. Overall I've been happy with the company (Principal) and the fund (BlackRock Lifepath Index 2055 k fund) and have been hesitant to make any changes.
I don't like my current employers financial service provider as much as Principal, but I am happy with what I've got setup through them (100% VTSAX).
Am I making a mistake with leaving funds in my former 401k instead of rolling it over into my current one or into a IRA?
Posted on 1/18/26 at 6:49 am to TRUERockyTop
You will have infinitely more investment options by rolling it over into an IRA.
Posted on 1/18/26 at 9:01 am to Rize
quote:
Inherited from an IRA
What year?
Used to you could take inherited IRA RMDs based on your life expectancy.
Now, you have 10 years to empty the account.
This new change for inheriting IRAs is a few years old now.
Currently, the inherited IRA needs a separate account to ensure that those monies are withdrawn within 10 years.
I assume you inherited this account prior to the last few years.
Posted on 1/18/26 at 9:11 am to makersmark1
quote:
What year? Used to you could take inherited IRA RMDs based on your life expectancy. Now, you have 10 years to empty the account. This new change for inheriting IRAs is a few years old now. Currently, the inherited IRA needs a separate account to ensure that those monies are withdrawn within 10 years. I assume you inherited this account prior to the last few years.
2015.
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