Rollover Old 401k Question

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Rollover Old 401k Question

Post by WilliamRice »

I'm looking to have a better handle on my retirement investments from previous jobs I have had. I have two old 401ks from two different jobs. I want to roll them to an IRA with either fidelity or vanguard. Can I roll both of them over into on IRA account or does it have to be separate and in rolling old former employers 401ks into IRA, would there be a tax issue at the end of the year?

Any advice or input would be very much appreciated - thanks.
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Re: Rollover Old 401k Question

Post by Ostentatious »

You have to set up one IRA account with either Fidelity or Vanguard so basically you can rollover both into the same account. However, you can decide to invest each of them differently. In the sense that you can purchase a different Mutual Fund with each of the rollovers so that you keep them separate or you can combine them and purchase the same MF. Whichever option you choose, make sure you speak with a rep at the institution you're rolling over to.
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Re: Rollover Old 401k Question

Post by johnubc »

Try to do a direct rollover - from institution to institution - this will resolve tax filing issues and the 60 day roll over provision. Meaning - no paperwork for you if it is done direct. The two can be combined - I like to keep my 401k roll overs separate from my traditional ira.
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Re: Rollover Old 401k Question

Post by ruralavalon »

Do "trustee to trustee" transfers, and avoid any tax issue. Have the transferee company, the company where your rollover IRA will be, help you with the rollover.

Both can be transferred into the same rollover IRA, if both are traditional 401ks or if both are Roth 401ks.

Either Vanguard or Fidelity would be a good choice for the rollover IRA. If you use Fidelity stick with their low ER Spartan index funds.
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