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Consolidating Retirement Accounts

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  • Consolidating Retirement Accounts

    Good Afternoon!

    We as a family have finally come to terms to getting a cohesive retirement and savings plan w/ a lot of help from WCI as our family appears to be settled! As an aside, that's all on me (face palm).

    MOVING ON...I'm at a loss as to 'how' to get all of these accounts into one (or two more than likely) accounts w/ the least amount of $ loss and tax hit(s).

    We have the following Retirement Accounts:

    - A Target Retirement Year Fund in PRINCIPAL: old employer, cannot contribute anymore; net loser on the year
    - Spousal 401k in TRANSAMERICA: - 54% Large Cap Stocks; 31% Small/Mid Cap Stocks; ~16% International Stocks; 9% Long Term Bonds - Old Employer, can no longer contribute; net ahead on the year
    - Me - 401k w/ employer match in TRANSAMERICA - 49% Large Cap Stocks - 46% Small/Mid Cap Stocks; 1% Intl Stocks - 3% Long Term Bonds - Old Employer, can no longer contribute, net ahead on the year
    - Me - 401k w/ employer match at TIAA: Vanguard 2045 Target Date Retirement Fund - IMMOVABLE due to Employer; currently active; net gain on the year
    - Me - 401k w/ employer match at TIAA - TIAA-CREF 2045 Target Date Retirement Fund - Old Employer; can no longer contribute; net ahead on the year.

    Ideally, I'd like to get them to Vanguard or Fidelity (leaving my active TIAA as that one cannot be moved anyway) so I can get all accounts in one place and have the ability to do back-door Roths in the same platform.

    Feel free to also give me the side-eye regarding contributions in the above; ideally looking to move them all into a three-fund retirement account setup + maybe some acre-trader on the side *midwestern kids that we are*

    I've done some forum searching and did not find 'how' to do this. If there is a thread and my search wasn't comprehensive enough, please show me the way! If not, I'd love to be enlightened.

    Thank you.
    Last edited by azureabyss; 07-29-2020, 07:26 PM.

  • #2
    please clarify what you mean by self 401k. since you have an employer match, these are not solo 401ks.....

    otherwise...ideally old work plans go into new work plans, or stay where they are.
    if you want help on actual asset location, etc, please edit your post to look like this: https://www.bogleheads.org/forum/viewtopic.php?t=6212

    Comment


    • #3
      Originally posted by Peds View Post
      please clarify what you mean by self 401k. since you have an employer match, these are not solo 401ks.....
      You are correct!

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      • #4
        and which one of those plans is with your current employer? Do you have any 1099 income that allows you to open your own solo 401k plan?

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        • #5
          Originally posted by billy View Post
          and which one of those plans is with your current employer? Do you have any 1099 income that allows you to open your own solo 401k plan?
          Self 401k w/ employer match at TIAA: Vanguard 2045 Target Date Retirement Fund - IMMOVABLE due to Employer; currently active; net gain on the year. Currently with $18k in it from the past 10mos.

          Unfortunately, I do not have any 1099 income; all moonlighting at my academic children's hospital comes from the...university so just goes into the paycheck. As a Peds Hospitalist...not a ton of moonlighting opps (but open to ideas).

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          • #6
            Im a little confused on it being titled a "self" 401k- do you just mean a regular 401k? So you are still employed by this hospital and putting money into its 401k, so you cant move money out right now. Does the plan accept a direct rollover from an old 401k? If so, move the others via direct rollover into it to consolidate. You can probably just have TIAA handle it- on their website look for direct rollover forms or email their customer service to ask how to do it. Some of the old 401k carriers may require more paperwork but most nowadays will accept the new 401ks paperwork and do it. Ironically when rolling over from tiaa, they were one of the few that I needed to use their paperwork and give it to my new 401k providers to use. But its important to make it a direct rollover so you dont run into any tax issues. TIAA should be able to walk you through it.

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            • #7
              Also many TIAA plans offer vanguard funds in their 401ks, at lower expense ratios than you could get elsewhere. Just use that for your 401k and open up an account at vanguard or fidelity for your backdoor roths and eventual taxable account. With everything online there is no need to keep everything in the same place if it doesnt suit your needs.

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              • #8
                Originally posted by billy View Post
                Im a little confused on it being titled a "self" 401k- do you just mean a regular 401k? So you are still employed by this hospital and putting money into its 401k, so you cant move money out right now. Does the plan accept a direct rollover from an old 401k? If so, move the others via direct rollover into it to consolidate. You can probably just have TIAA handle it- on their website look for direct rollover forms or email their customer service to ask how to do it. Some of the old 401k carriers may require more paperwork but most nowadays will accept the new 401ks paperwork and do it. Ironically when rolling over from tiaa, they were one of the few that I needed to use their paperwork and give it to my new 401k providers to use. But its important to make it a direct rollover so you dont run into any tax issues. TIAA should be able to walk you through it.
                Awesome! Thanks so much!

                I edited the original post - self is now "me" - each of the 401k's have been employer based, not a true "self" 401k w/ 1099 income.

                Comment


                • #9
                  You have three retirement accounts from former employers. See if the fees and investment options are better with any of these former employers than the retirement plan at your current employer. If your current employer’s plan is as good or better, then roll the old account over.

                  There’s no such thing as a “spousal 401k”. Does your spouse’s current employer offer a retirement plan?

                  Comment


                  • #10
                    Originally posted by Hank View Post
                    You have three retirement accounts from former employers. See if the fees and investment options are better with any of these former employers than the retirement plan at your current employer. If your current employer’s plan is as good or better, then roll the old account over.

                    There’s no such thing as a “spousal 401k”. Does your spouse’s current employer offer a retirement plan?
                    I see that the framing/vernacular has to be exact/particular; GTK.

                    Spousal 401k means exactly that in my non-financial parlance lol. It's my spouse's 401k through our old employer.

                    Thanks to all of the above who replied! I think I got what I need unless anybody else has anything to add! 'Appreciate it.

                    Comment


                    • #11
                      Originally posted by azureabyss View Post

                      Spousal 401k means exactly that in my non-financial parlance lol. It's my spouse's 401k through our old employer.
                      Not to be pedantic, but the wording does matter. It can keep you from making a costly mistake. You may be able to contribute to a spousal IRA even if your spouse isn’t working. Your spouse has to be working to make new contributions to his or her 401(k).

                      IRA contributions, conversions, and roll overs sound sort of similar, but have very different rules. As a high earner, you can’t contribute directly to a Roth IRA, but you can make a non-deductible contribution to a traditional IRA, then convert it to a Roth IRA.

                      We certainly don’t want to beat people up for wording or scare them away (especially on this subforum!). Just want to make sure you’re making the best decisions with the investment opportunities available to you.
                      Last edited by Hank; 07-30-2020, 09:34 AM.

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                      • #12
                        whatever interface you like better; doesn't really matter especially if you have a central tracking software downloading (eg quicken). I personally prefer Fidelity over Vanguard's user interface whenever i need to login.

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