![]() ![]() Roll your old 401(k) into a traditional IRA or Roth 401(k) at an outside custodian "Combining your 401(k) plans into one can help you consolidate funds and potentially stop paying extra fees that could be associated with managing two separate 401(k) plans," he said. While you could keep these 401(k) plans separate, Daugs said there are small benefits that could come from merging these plans. People change jobs all the time, so Daugs often sees people who have multiple 401(k) plans with money in each of them. While this option doesn't apply to me because I'm self-employed, one route that Daugs suggested is rolling your old 401(k) plan into the 401(k) plan offered by your current employer. Roll your old 401(k) into your current employer's plan From finding your old 401(k)s to helping you pick an IRA, Capitalize can help save you time, money, and hassle. Find Missing 401(k)s Capitalize can help you find lost 401(k)s for free. Here are three suggestions he shared for anyone who has old retirement funds from previous jobs. Unsure of what to do with the money inside that old 401(k), I chatted with certified financial planner Faron Daugs for advice. It's hardly growing and I haven't contributed to it since I lost that job. I haven't thought about the money inside of that account in years. ![]() When I was looking through my current retirement fund, I remembered that I had an old 401(k) from a job I was laid off from in 2015. ![]() I want to close out 2023 by fixing any lingering money mistakes or to-do list items that I should have taken care of months or years ago. I'm spending quality time before the end of the year combing through my finances to find anything that needs to change or improve. ![]()
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