+12 votes
by (1k points)
So.  I’m looking at leaving a potential part-time job that I have a 401K with.So. I’m looking at leaving a potential part-time job that I have a 401K with. Should I just roll it over into my full-time job 401K or what are some other options that I might could do with it? I don’t want to take a hit for taking it out early unless there is a real gain involved for investing. It’s not a lot only like $4500. Suggestions?  
So.  I’m looking at leaving a potential part-time job that I have a 401K with.

8 Answers

+1 vote
by (3k points)
I don’t think u can roll it into an existing 401k. U can roll it into an IRA
by (1k points)
@firstnighter you might be correct, it’s my first time dealing with it. So I may have been mistaken, either way. IRA or other options?  
by (3.9k points)
Some companies allow you to roll it over into an existing 401K but your options are limited as to what you can invest in. You’re better off rolling it into an IRA like M1 Finance, Betterment, or Fidelity.  
+6 votes
by (680 points)
Set up a Roth In M1 Finance.  
0 votes
by (6.5k points)
Both are good options, if the rollover to your full time 401k is possible. Generally speaking, you'd have better and maybe cheaper investment options with an IRA. One thing to consider is the 55 rule if you plan retire a bit early. that is one reason to keep it within a 401k, because it allows no penalty withdrawals if you separate service at 55. read up on that if you think it is applicable.  
+5 votes
by (11.5k points)
Can't roll it into a new 401k. We rolled ours into an IRA with Betterment and have been happy with that decision
+5 votes
by (270 points)
Not sure why everyone is saying you can't roll into your new 401k. You absolutely can if your new 401k allows as this is what we did with my wife's when she changed companies. For myself I chose to leave my prior 401k where it was when I changed jobs as I preferred the investment options in the prior account. It really depends on what investment options you have currently and what you're looking to do.  
by (270 points)
I would add too that if you do leave it you want to ensure there are no extra fees or penalties for doing so.  
by (4.2k points)
Also, find out the sanctuary amount from the old 401k provider. They may call it something different, but bottom line is that some providers have a lower bounds limit to how much u can hold before they close your account involuntarily. You DO NOT want this to happen. For instance, If the limit is $3k and we have a market crash and your $4. 5k drops by half, that may put you below the sanctuary value and automatically close the 401k. They would then automatically sell the holdings and cut you a check without you knowing it, leaving you both with an actual loss and scrambling against the clock to put it into an IRA or face penalties.  
+3 votes
by (1.3k points)
I think rolling into an IRA would probably be your best option.  
+11 votes
by (8.4k points)
I would go with rolling into an IRA so you have more control.  
+8 votes
by (940 points)
I wanted the flexibility to invest into whatever I want. So I rolled my 401k into a traditional IRA with Vanguard.  
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