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Roll your 401(k) into a traditional individual retirement account.Set up a traditional IRA through a low-cost mutual fund company like Vanguard or Fidelity or a discount brokerage like TD Ameritrade or Charles Schwab Sure, this means you may wind up with two retirement accounts—if your new employer offers a 401(k) plan—but you’ll have more flexibility to choose the investments you want.But there’s a caveat: Make sure your new plan has a diverse array of stock and bond funds to choose among and that fees are reasonable.The annual expense ratio on each fund shouldn’t be more than 0.75%, Dorsainvil says.Otherwise, your 401(k) is for retirement and that’s it!So, why is Dave so firm about leaving your 401(k) alone?
The risk is you “set it and forget it,” says Rianka Dorsainvil, a certified financial planner in Lanham, Md.
And your fees will be low if you stick with low-cost exchange-traded funds and index funds, which you should.
Government efforts are leading to lower fees at 401(k) plans (which can run as high as 5% at smaller companies, says Brightscope), but you shouldn’t have to worry about administrative costs if you set up your own IRA.
But, you may be surprised to learn there are limits to gazelle intensity.
Some sacrifices are simply not worth the payoff, even when they could help you finally become debt-free.
The big advantage is your money keeps growing tax-deferred, and even better, you only have one retirement savings account to track.