Transfering 401-K from Employer to another company
Is it wise to cancel out a 401-K from my former employer (Empower is handling it and has lost over $50.000.00), and tranfer it to Raymond James where we have other accounts?
I figured even with the $50,000 lost, if I transfer it to Raymond James, they will know what companies to invest in, so that hopefully it will even out. If I leave it with Empower, Raymond James does not know what my Former Employer (Empower) have it invested in.
Please advise how to do this??
Thank You Very Much!
Terry Says
I typically suggest doing a rollover to an IRA Rollover account when you leave an employer. The paperwork is automatic. Just tell your new custodian to handle it for you– and don’t take a check.
But WHERE you put it is another decision. Ask how much you are paying in fees and commissions each year. Good advice is worth paying for. But I have my IRAs split up at low cost places like Vanguard and Fidelity.
