Rolling over 401K?

Question

I have about a month left to move my 401K from my previous employer to somewhere else. Since I am currently unemployed, should I roll it over to Fidelity or wait until I get a new job and roll it into their 401K plan?

Also, I have a traditional IRA right now and would it be more beneficial to roll it over there?

I'm confused and thank you in advance for your advice!

Answer 1

If the traditional IRA that you already have is performing well, I would just roll it in to there.

You could open a new IRA to roll it in to but the institution would hit you with account fees.

Answer 2

You're actually fine keeping the 401K with your prior employer, but I found it easiest to have all my various retirement plans (i've had several jobs) consolidated into one brokerage account. It's easier to understand your portfolio and less paper work.

Good luck!