I have an old IRA from a company I worked at 20 years ago (they actually hunted me down to let me know!) with a few $K in it (nice surprise). I also have one at a major retail bank doing absolutely nothing (it was in a CD ages ago but they auto-moved it to a zero interest savings account when it matured… thanks for looking out, guys!).
I have Fidelity at work for my retirement program – should I move these post tax money/IRAs to Fidelity for simplicity? Are there any smaller banks offering amazing rates/perks for rollovers currently?
Need to roll two IRAs over – but to where? Fidelity?
byu/storstygg inpersonalfinance
Posted by storstygg
3 Comments
>should I move these post tax money/IRAs to Fidelity for simplicity?
Fidelity, Schwab, and Vanguard are the standard recommendations. Since you already have an account at Fidelity, that’s as good a reason as any to choose them.
>Are there any smaller banks offering amazing rates/perks for rollovers currently?
Banks/CUs are usually terrible for IRAs.
Fidelity is my choice. Low cost or zero fee offerings. Great platform.
The company would normally have a 401k or similar account and not an IRA. The bank could have an IRA parked in a CD for awhile, but it could also have been a CD without being in an IRA. Do not move your bank funds without knowing for sure it is an IRA. If it is confirmed the both are in tax deferred accounts, a direct transfer to an IRA of your choice can be made. Just because Fidelity is involved with your current 401k. You don’t have go with Fidelity. These funds will be separate. If you have a Fidelity office nearby, you might benefit from a sit down face to face meeting in your case. I use Vanguard, but no face to face meeting would be possible.
I would suggest you start with where you want the money to go and then get the specific instructions on how the process should be done from them.
Edit: It is possible to move money into your current employer’s 401k, but I prefer the option to have an IRA vs moving the funds to the 401k. Fidelity can walk you through both options.