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wiki How's Content Management Team carefully monitors the work from our editorial staff to ensure that each article meets our high quality standards. With workers changing jobs every few years, many people have multiple retirement accounts.You might want to combine these accounts so they are easier to manage.One of the advantages of an IRA is that it can offer you the most number of options since you can open one at practically any financial institution.You can also have a broker or financial adviser help manage it.In an IRA, you should have thousands of ETF’s, mutual funds, index funds, stocks, bonds, etc. Diversity is extremely important when it comes to investing – and 401K’s rarely provide it. And all the thousands that provide you more diversity, such as commodities, emerging markets, etc.? Getting a new employer’s 401K and logging in to find a buffet of 18 pieces of crap is kind of like a young child waking up on Christmas morning to find that Santa left him nothing but socks.In the three employer’s I’ve been with since graduating, I have found the fund options to be a bond fund, small, medium, and large cap domestic growth and value funds, a REIT, and a token international fund and maybe a second set of each just so they can say you have choices. 401K administrators often receive a cut of each of the crappy, over-priced mutual funds they push to employers in the % of asset fees mentioned earlier. While some argue that too many options is overwhelming, I’m all about freedom of choice.This article was co-authored by our trained team of editors and researchers who validated it for accuracy and comprehensiveness.Together, they cited information from 19 references.
Rolling over a 401K does not count towards your IRA contribution limits and there are a number of good reasons to consolidate your 401K’s by moving them into a rollover IRA. Beyond that, there are often obscene percentage of 401K asset fees in 401K plans.Alternately, you might think that one is better than the others, so you want to transfer all of your retirement funds into it. Most of the legwork will go into deciding which accounts you can combine. Do you have retirement plans from previous jobs floating around somewhere?Here are some things to consider: Which plan has the best investment options?The whole point of these plans is to invest for retirement so what you'll actually be investing in is kind of important.