New To Investing Thread

[steve dave]

Is this the right thread to ask how to roll multiple 401ks into 1?

Roll them all into an IRA other than the current one.

[michigancat]

Is this the right thread to ask how to roll multiple 401ks into 1?

Start with the account you want to roll them into and see how they can help you.

It's a pain to consolidate, and it's a pain by design imo.

[steve dave]

Once you no longer work there I don't know that there is any reason to keep them in that format and an IRA would have a lot of flexibility advantages. Like any boring guy I'd suggest Vanguard. Unless you just want a single account in which you overcoming the headaches of getting the old ones into your new one is your option.

[steve dave]

very good

https://twitter.com/dhtoomey/status/1634355762951593986

[catastrophe]

Once you no longer work there I don't know that there is any reason to keep them in that format and an IRA would have a lot of flexibility advantages. Like any boring guy I'd suggest Vanguard. Unless you just want a single account in which you overcoming the headaches of getting the old ones into your new one is your option.

Yes switching jobs is a great opportunity to get those funds into a lower cost account that you can completely control.

[tdaver]

Once you no longer work there I don't know that there is any reason to keep them in that format and an IRA would have a lot of flexibility advantages. Like any boring guy I'd suggest Vanguard. Unless you just want a single account in which you overcoming the headaches of getting the old ones into your new one is your option.

Yes switching jobs is a great opportunity to get those funds into a lower cost account that you can completely control.

My old 401k plan has excellent super low cost fund options.  Better than my current plan.  Also, switching to an IRA will make back door roth contributions (if you see that in your future) more complicated and require paying some taxes on it each conversion.  So I left mine in the old 401k.

[BW]

Any recommendations for money guys in or around KC? Have talked to three. Not sold on any yet.

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[steve dave]

Any recommendations for money guys in or around KC? Have talked to three. Not sold on any yet.

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Just post on gE and let our braintrust give you NOT FINANCIAL ADVICE


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[wetwillie]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

[bucket]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

I recently changed jobs so I met with mine to have them move my 401k from my previously employer into the one with my new employer. They're both through Fidelity. I also asked about t-bills, which I've never bought, and VTSAX which michigancat mentioned.

[WillieWatanabe]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

I recently changed jobs so I met with mine to have them move my 401k from my previously employer into the one with my new employer. They're both through Fidelity. I also asked about t-bills, which I've never bought, and VTSAX which michigancat mentioned.

he getting a commission or charge a flat fee?

[sys]

just put all your money into an sp500 index or regional banks.  either way, can't go wrong.

[Spracne]

Any recommendations for money guys in or around KC? Have talked to three. Not sold on any yet.

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Put it all into SOL and SHIB. That's what stevedave had me do, and he'd never steer me wrong, as my fiduciary.

[tdaver]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

If they’re good, they will do average joe stuff.  Unfortunately a lot of them will waste your money on high load, high expense crap so that they get a good commission.

[DaBigTrain]

Any recommendations for money guys in or around KC? Have talked to three. Not sold on any yet.

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Put it all into SOL and SHIB. That's what stevedave had me do, and he'd never steer me wrong, as my fiduciary.

I advised against it, but what do I know.

[michigancat]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

What got me started was I got some company equity and I didn't know how to deal with it.They helped me with that along with changing my retirement funds and investing beyond tax advantaged accounts. They talked us through our life goals - things like where we wanted to live and how important owning a house was, kids,etc. He also helps with life changes through a financial lens - moving, job changes, going back to school. He encouraged us to get a will which we didn't have previously, analyzed life insurance, renters insurance, auto insurance and had us make some tweaks and gives us "homework" to do after every meeting.

It seems silly but it's reassuring to have someone who sees how a bunch of folks are doing and just reassure you that you're doing fine. Also kind of silly but it's easier for someone else to tell my wife what to do with her money than it is for me to tell her.

I could have done everything they do on my own but I definitely wouldn't have.

[michigancat]

Also, always hire a fiduciary.

[steve dave]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

What got me started was I got some company equity and I didn't know how to deal with it.They helped me with that along with changing my retirement funds and investing beyond tax advantaged accounts. They talked us through our life goals - things like where we wanted to live and how important owning a house was, kids,etc. He also helps with life changes through a financial lens - moving, job changes, going back to school. He encouraged us to get a will which we didn't have previously, analyzed life insurance, renters insurance, auto insurance and had us make some tweaks and gives us "homework" to do after every meeting.

It seems silly but it's reassuring to have someone who sees how a bunch of folks are doing and just reassure you that you're doing fine. Also kind of silly but it's easier for someone else to tell my wife what to do with her money than it is for me to tell her.

I could have done everything they do on my own but I definitely wouldn't have.

Yeah, I think it's really good for couples where money is a difficult conversation or they don't know or want to do homework on it (NOT SAYING THIS IS YOU MICHIGANCAT). A lot of people treat money as some taboo subject or have some really terrible emotional trauma from growing up in a family that made money a root of their unhappiness or relationship issues. My wife is like that, but thankfully she just tells me to deal with it and outside of raising kids it's my only hobby. She makes a decent amount of money but really has no concept of it. Or any concept of what we save, invest in, etc. She told me she would like to have $X in each childs 529 because that's important to her and I told her that made sense and I am making it happen. I tell her what to do with her employer plans and she does it. That may be a bad situation for us if something happens to me but we have enough life insurance and I've documented where and what I'm doing (and also kat kid knows as the failsafe) that she and the kids will be just fine.

OT. speaking of 529s the new plan change to roll them into retirement if they aren't spent is pretty good and chill.

[wetwillie]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

What got me started was I got some company equity and I didn't know how to deal with it.They helped me with that along with changing my retirement funds and investing beyond tax advantaged accounts. They talked us through our life goals - things like where we wanted to live and how important owning a house was, kids,etc. He also helps with life changes through a financial lens - moving, job changes, going back to school. He encouraged us to get a will which we didn't have previously, analyzed life insurance, renters insurance, auto insurance and had us make some tweaks and gives us "homework" to do after every meeting.

It seems silly but it's reassuring to have someone who sees how a bunch of folks are doing and just reassure you that you're doing fine. Also kind of silly but it's easier for someone else to tell my wife what to do with her money than it is for me to tell her.

I could have done everything they do on my own but I definitely wouldn't have.

You have a good financial guy, hang on to that one.

[Kat Kid]

I just paid taxes to the IRS for the first time in my life. I have finally arrived.

[catastrophe]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

What got me started was I got some company equity and I didn't know how to deal with it.They helped me with that along with changing my retirement funds and investing beyond tax advantaged accounts. They talked us through our life goals - things like where we wanted to live and how important owning a house was, kids,etc. He also helps with life changes through a financial lens - moving, job changes, going back to school. He encouraged us to get a will which we didn't have previously, analyzed life insurance, renters insurance, auto insurance and had us make some tweaks and gives us "homework" to do after every meeting.

It seems silly but it's reassuring to have someone who sees how a bunch of folks are doing and just reassure you that you're doing fine. Also kind of silly but it's easier for someone else to tell my wife what to do with her money than it is for me to tell her.

I could have done everything they do on my own but I definitely wouldn't have.

Yeah, I think it's really good for couples where money is a difficult conversation or they don't know or want to do homework on it (NOT SAYING THIS IS YOU MICHIGANCAT). A lot of people treat money as some taboo subject or have some really terrible emotional trauma from growing up in a family that made money a root of their unhappiness or relationship issues. My wife is like that, but thankfully she just tells me to deal with it and outside of raising kids it's my only hobby. She makes a decent amount of money but really has no concept of it. Or any concept of what we save, invest in, etc. She told me she would like to have $X in each childs 529 because that's important to her and I told her that made sense and I am making it happen. I tell her what to do with her employer plans and she does it. That may be a bad situation for us if something happens to me but we have enough life insurance and I've documented where and what I'm doing (and also kat kid knows as the failsafe) that she and the kids will be just fine.

OT. speaking of 529s the new plan change to roll them into retirement if they aren't spent is pretty good and chill.

Tell me more about the 529 thing. Is it being proposed?

[bucket]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

I recently changed jobs so I met with mine to have them move my 401k from my previously employer into the one with my new employer. They're both through Fidelity. I also asked about t-bills, which I've never bought, and VTSAX which michigancat mentioned.

he getting a commission or charge a flat fee?

Nothing. It's just some Fidelity rep through my office.

[steve dave]

What do money guys do?  All the ones I know just put money into the same stuff the average Joe has access to anyway.

What got me started was I got some company equity and I didn't know how to deal with it.They helped me with that along with changing my retirement funds and investing beyond tax advantaged accounts. They talked us through our life goals - things like where we wanted to live and how important owning a house was, kids,etc. He also helps with life changes through a financial lens - moving, job changes, going back to school. He encouraged us to get a will which we didn't have previously, analyzed life insurance, renters insurance, auto insurance and had us make some tweaks and gives us "homework" to do after every meeting.

It seems silly but it's reassuring to have someone who sees how a bunch of folks are doing and just reassure you that you're doing fine. Also kind of silly but it's easier for someone else to tell my wife what to do with her money than it is for me to tell her.

I could have done everything they do on my own but I definitely wouldn't have.

Yeah, I think it's really good for couples where money is a difficult conversation or they don't know or want to do homework on it (NOT SAYING THIS IS YOU MICHIGANCAT). A lot of people treat money as some taboo subject or have some really terrible emotional trauma from growing up in a family that made money a root of their unhappiness or relationship issues. My wife is like that, but thankfully she just tells me to deal with it and outside of raising kids it's my only hobby. She makes a decent amount of money but really has no concept of it. Or any concept of what we save, invest in, etc. She told me she would like to have $X in each childs 529 because that's important to her and I told her that made sense and I am making it happen. I tell her what to do with her employer plans and she does it. That may be a bad situation for us if something happens to me but we have enough life insurance and I've documented where and what I'm doing (and also kat kid knows as the failsafe) that she and the kids will be just fine.

OT. speaking of 529s the new plan change to roll them into retirement if they aren't spent is pretty good and chill.

Tell me more about the 529 thing. Is it being proposed?

lotta restrictions though. capped at $35k. Still a nice change.

https://www.cnbc.com/2022/12/23/tax-free-rollovers-from-529-plans-to-roth-iras-may-be-allowed-in-2024.html

[steve dave]

as a general rule if your "money person" is telling you what to invest in you should run away. if they're doing stuff like what Rusty describes you probably have a good one. if they ever say the words "whole life" or "annuity" or "the market is going to..." you should call the cops.

[DQ12]

That may be a bad situation for us if something happens to me...

My will attorney set up a bunch of crap and like "TO DO" lists if something happens to me (or both of us) that my wife (or trust executor) will put into effect as failsafes to make sure wife/kids are properly taken care of.  I really appreciated that.