Retirement plan

[NAV8TT]

Hi everyone,

I had 4 different job locations within the last 6 years. NJ then FL then SC then back to FL in a different location. How can I keep track of the retirement plan I had since I started working. Do I need to call all the locations and lump it all up and get it in my current plan? I really don't know.

[amanda hor$t]

not sure about that either, i never did the 401k stuff.

my retirement plan is real estate. as it is, my main home is a virtual duplex. not renting it at the moment, but it's an option. looking to pick up a rental condo in the future too.

[E36_325i]

Yes, you need to find out which financial firm managed each companies retirement plan and get them all to cut you a check. You can roll all the plans into your current plan to consolidate them.

edit: if you didnt keep the statements from each account with the account info, the best way to track it down is to contact each former employers HR dept and get the info for the financial firm who managed the retirements accounts while you were there.

[gatorfast]

Im assuming you are referring to a 401k plan? If so then your employer should have provided you info on your options each time you left your job. Contact the plan administrator and/or your former employers.

Your basic options will either be to 1. have them cut you a check (not recommended since you will incur taxes and early payment penalty) 2. Roll the funds into your current employers 401K 3. Roll the funds into a traditional or Roth IRA

Assuming you are relatively young, I would recommend the Roth IRA approach. You will pay taxes on the proceeds now but then you will have full control of your investments and they will grow tax free.

[JMX328]

Originally Posted by gatorfast

Assuming you are relatively young, I would recommend the Roth IRA approach. You will pay taxes on the proceeds now but then you will have full control of your investments and they will grow tax free.

This.

All of my investments for retirement are in Roth-based accounts. My employer offers a Roth 401k plan, and my IRA is Roth, as well.

I'd rather pay taxes now vs. taxes on the years upon years of ROI. Not to mention, what the tax rates might be then.

[goalieman24]

Originally Posted by E36_325i

Yes, you need to find out which financial firm managed each companies retirement plan and get them all to cut you a check. You can roll all the plans into your current plan to consolidate them.

Originally Posted by gatorfast

Your basic options will either be to 1. have them cut you a check (not recommended since you will incur taxes and early payment penalty) 2. Roll the funds into your current employers 401K 3. Roll the funds into a traditional or Roth IRA

A little bit of misguided information here.
There's really zero point(and zero benefit) to rolling balances from previous plans into your current one...besides maybe the "feel-good" factor of seeing one big amount all in one place.
Otherwise, rolling them all into an IRA is going to be your best bet. As long as you complete a direct rollover, there will be no penalties to worry about. Additionally, having those funds in an IRA(as opposed to a 401k) will give you a lot more freedom regarding investment options.

Roth vs Traditional is always a tough debate. There are a significant number of what-if's and other assumptions to be made in order to come up with a definite answer on which is going to be better. Keep in mind though, if you convert those pre-tax 401k dollars into a Roth, you may wind up getting hit with a pretty large tax burden next time you file.

Side note: All of these posts seem to assume it's a 401k(or 403b). Probably a pretty safe bet, but calling it a "retirement plan" is about as generic as saying "I have a 2009 car".

[gatorfast]

^ where was the misguided info and how was what you said different than what I said?

[goalieman24]

It was more regarding the other quoted post, but your #2 was there too. Didn't say it was wrong, but it just doesn't make much sense to consider it an option... thus, the "misguided" tag.