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401K Fees can also be excessive
10-09-2019, 06:37 PM
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#61
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Recycles dryer sheets
Join Date: Mar 2011
Location: Western Georgia
Posts: 247
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401K Fees can also be excessive
 Quote:
Originally Posted by Senator
When you leave it in an employers 401K plan, it can be embezzled, loans and withdrawals delayed, and more cumbersome all around. Fees can also be excessive. Investment options are more limited.
Put it in an IRA account, so all you have is your own signature to get it out.
Don't kid yourself by thinking that an employer plan at Fidelity is the same as an IRA at fidelity. The employer makes the rules, and sets the fees.
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+1
Fees are unknown & IRA is easy to manage. I would go with IRA ASAP!
__________________
Hard to say what it was, when it isn't.
FIRED in 2005 @ 55
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10-10-2019, 11:09 AM
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#62
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,043
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Quote:
Originally Posted by Senator
Don't kid yourself by thinking that an employer plan at Fidelity is the same as an IRA at fidelity. The employer makes the rules, and sets the fees.
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Sooo True! For example, I have a Workplace Schwab 401k plan with my employer, I own one single ETF in that SCHA. My employer and it's plan charge me a $15 quarterly "fee" to have this plan. So $60 a year fee to own a single ETF... while my own IRA (Individual Retirement Account) over at Schwab (notice the difference between WORKPLACE and INDIVIDUAL) charges me nothing, zilch, $0 to hold that EXACT SAME SCHA ETF.
I always ask for the information and details on the workplace 401k plan before I accept a job offer, my family depends on that knowledge I gain from that information to make the best financial decision. It is...what it is!
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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10-10-2019, 01:32 PM
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#63
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Thinks s/he gets paid by the post
Join Date: Sep 2014
Location: The Great Wide Open
Posts: 3,804
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I left my 401k with my employer because of the legal protections and the Vanguard Institutional choices. I also have a $5 million umbrella policy, and several rentals, and in case I get sued for $10 million.
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10-10-2019, 01:34 PM
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#64
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,043
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Quote:
Originally Posted by Winemaker
I left my 401k with my employer because of the legal protections and the Vanguard Institutional choices. I also have a $5 million umbrella policy, and several rentals, and in case I get sued for $10 million.
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Do tenants sue for $10MM and actually win?
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10-10-2019, 01:53 PM
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#65
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Thinks s/he gets paid by the post
Join Date: Aug 2012
Posts: 1,862
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Quote:
Originally Posted by kgtest
Do tenants sue for $10MM and actually win?
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Not in my experience. He only sued for possession of the house ( way < than $10MM), and my attorney provided by State Farm Umbrella policy took care of it in short order.
__________________
FIRE Class of 2018 @ 61
Old men and women sit in the shade of trees they planted long ago
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11-28-2019, 02:24 PM
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#66
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Recycles dryer sheets
Join Date: Feb 2017
Location: San Diego
Posts: 161
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As some have mentioned, if you're employer does not choose to cover once you leave, you can get stuck with a quarterly fee -- ours came to $160/quarter which compelled us to move over to Fidelity's IRA which had the same funds without the quarterly fee. We had about a 60/40 mix of Roth/Traditional.
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11-28-2019, 04:47 PM
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#67
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Recycles dryer sheets
Join Date: Oct 2009
Posts: 246
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Quote:
Originally Posted by pc95
As some have mentioned, if you're employer does not choose to cover once you leave, you can get stuck with a quarterly fee -- ours came to $160/quarter which compelled us to move over to Fidelity's IRA which had the same funds without the quarterly fee. We had about a 60/40 mix of Roth/Traditional.
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Kept megacorp 401k for access to stable value fund, still paying north of 2%, as mentioned earlier. Fees to stay in 401k are a modest $10 a quarter.
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