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What to do with a couple old small retirement accounts
Posted on 11/2/23 at 2:18 pm
Posted on 11/2/23 at 2:18 pm
Just got 2 notices in the mail for some retirement accounts my wife had forgotten about.
1. An old Transamerica 401k worth $12k, the letter saying they noticed she is not making contributions anymore and action must be taken
2. An old vanguard IRA worth $2k, the letter saying that due to limited activity, if we don't contact them soon, they will be moving the account to Retirement Clearinghouse.
What should I do with these? Roll them over into something? She doesn't have a current retirement account to roll them into b/c she is out of work while in school.
1. An old Transamerica 401k worth $12k, the letter saying they noticed she is not making contributions anymore and action must be taken
2. An old vanguard IRA worth $2k, the letter saying that due to limited activity, if we don't contact them soon, they will be moving the account to Retirement Clearinghouse.
What should I do with these? Roll them over into something? She doesn't have a current retirement account to roll them into b/c she is out of work while in school.
3
Posted on 11/2/23 at 2:22 pm to indytiger
I'd consolidate them by rolling them into an IRA, then backdoor it into a ROTH IRA. And when she's back at work, it'll already be set-up for future contributions.
Posted on 11/2/23 at 2:45 pm to Weekend Warrior79
Roth conversion might be a good idea since she's not working so it's presumably a relatively low income year for taxes. Technically it wouldnt be a "backdoor Roth." You could stick w Vanguard for ease but may get better service w Schwab or Fidelity. They'll probably handle the trustee to trustee transfer for you and cover fees if you ask.
This post was edited on 11/2/23 at 2:46 pm
Posted on 11/2/23 at 4:16 pm to indytiger
Bet it on black and nearly double your money in ~40 seconds flat
Posted on 11/2/23 at 7:24 pm to indytiger
I would rollover the 401k to the Vanguard account and put it all into VTSAX
Posted on 11/3/23 at 2:13 pm to whiskey over ice
Will I have to pay taxes if I roll it over?
Posted on 11/3/23 at 2:56 pm to indytiger
No tax on rollover. Tax would be due for a traditional to Roth conversion.
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