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I did very well with my Principal 401K account since 2009, picked some heavy winners. We rolled over post acquisition from Mass Mutual that I'd been in since 1992. Took the hard hit 2008 but recovered nicely.Quote:
Originally Posted by electronman1729
New company is rolling it over to Schwab. They automatically picked "matching" risk categories. So far, I'm not impressed. I'll probably have to tweak it some and the small correction didn't help things, but we'll see...
If you're below/at your contribution limit, they really need to explain this to you. I'm really curious just hearing it second hand!
I'd also be careful about the tax handling... If they code this as a distro (1099-R) you get hit with the 10% penalty + income tax. If this is their error I would demand they code it as a rollover so you can deposit into another account. I originally assumed you over-contributed when I read this which usually means a corrected W-2.
Fidelity will let you set up your own IRA for nothing as well. Their fees are built into their institutional funds which you are not forced to buy (you can do whatever you want) and commissions on trades.
I ended up rolling over two vested employer 401Ks into a Fidelity IRA because one of them was already there and I like their platform.
Me too. I even had a tiny pension from an old employer that got rolled over to an IRA at some bank I'd never heard of rolled into my Fidelity account. I had stocks that were in actual certificate form that Fidelity was able to get moved into the portfolio. Our savings goes there as well into a 'Money Market' type account that we can write checks against since banks can't provide squat for interest. Since the employer 401K is also managed by Fidelity, I can get an easy view of our entire portfolio of investments.Quote:
Originally Posted by Skip