Wondering where to rollover my 401k from previous employer

Submitted by Engininja_180PI t3_z89m7c in personalfinance

Title sums it up. I moved jobs this year and haven't decided on where to put my previous 401k at yet (analysis paralysis I guess). I have 3 viable options I can think of, but not sure what would be best. Wondering what your experiences are.

  1. I already have a fidelity taxable brokerage. I could roll I over to fidelity as an IRA and manage it myself
  2. I could roll it over to my current employers 401k plan
  3. I have an Edward Jones IRA account set up with a financial advisor. My guy has done me pretty good in advising, but its getting expensive as he still charges and the whole world market is tanking. Should I consolidate it here?

Thoughts and perspectives would be much appreciated. Thank you in advance

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NaiveAppeaser t1_iyajycp wrote

If you want to do backdoor Roth then you will not want to own any traditional IRAs. In that case you would be better off moving to your current employer's plan, assuming it's got reasonable options and fees. If the backdoor Roth doesn't appeal or your current employer 401k is meh/bad, then I'd roll it to an IRA at Fidelity and call it a day!

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grokfinance t1_iyaitjt wrote

Do an IRA rollover at Fidelity since you already have other accounts there. Keep your life simple. I wouldn't give EJ more money. I would be looking to get that money out. If you can manage your IRA on your own why can't you do the same with EJ money? All you likely need is a total stock market index fund like VTI.

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Baby_Hippos_Swimming t1_iyai77v wrote

You're overthinking this, just start a rollover IRA in your Fidelity account. No need to pay someone at Edward Jones for something Fidelity will do for very low fees. Also there's no real reason to roll it into your current employers plan, I can only think of downsides to that.

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