Recently found this site, so trying to learn before I make the next move Appreciate any help you can provide.
Primary retirement was previous employer sponsored 401k. Got laid off and have accepted employment elsewhere. New employer does not have a formalized retirement plan (yet). Also, have a few dollars I'd like to move from savings to a safe, easily accessible and decent growth account. All things combined, I have a few questions:
1a. Should I move my 401k? Existing plan is with reputable company, but options are limited to about 20 funds. Last year ROR was approx 30%.
1b. Where do I move the 401k? I know the answer is traditional IRA initially, maybe convert to ROTH. Just not sure WHO to use. Met w/ the company that holds my 401k -- they are happy to do the IRA, but fees seemed more expensive. Also met with EJ advisor. We haven't discussed fees, but I presume it may be a similar experience. Thought about Scottstrade, but I'm not a finance guru and may need some advise to get me setup properly.
2. For new retirement funds, ROTH or traditional IRA? Obviously I would be investing taxed dollars, so ROTH jumps out. But if I invest in traditional, I understand I get a tax write off the end of the year.
3. Biggest concern with new employer not having 401k is I will exceed the $5,500 threshold. What's the next best investment for the overflow?
4. What type of account/fund should I be looking at for the extra from my savings? I want growth, but nothing overly risky and liquidity of a few weeks.
I can provide more info as needed. Just trying to get lined up right.
Primary retirement was previous employer sponsored 401k. Got laid off and have accepted employment elsewhere. New employer does not have a formalized retirement plan (yet). Also, have a few dollars I'd like to move from savings to a safe, easily accessible and decent growth account. All things combined, I have a few questions:
1a. Should I move my 401k? Existing plan is with reputable company, but options are limited to about 20 funds. Last year ROR was approx 30%.
1b. Where do I move the 401k? I know the answer is traditional IRA initially, maybe convert to ROTH. Just not sure WHO to use. Met w/ the company that holds my 401k -- they are happy to do the IRA, but fees seemed more expensive. Also met with EJ advisor. We haven't discussed fees, but I presume it may be a similar experience. Thought about Scottstrade, but I'm not a finance guru and may need some advise to get me setup properly.
2. For new retirement funds, ROTH or traditional IRA? Obviously I would be investing taxed dollars, so ROTH jumps out. But if I invest in traditional, I understand I get a tax write off the end of the year.
3. Biggest concern with new employer not having 401k is I will exceed the $5,500 threshold. What's the next best investment for the overflow?
4. What type of account/fund should I be looking at for the extra from my savings? I want growth, but nothing overly risky and liquidity of a few weeks.
I can provide more info as needed. Just trying to get lined up right.