Posted: 9/4/2025 9:39:28 AM EDT
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Being retired now and at 67 years old I think I want to start using the funds in my 401(k) accounts. I've got three separate accounts from the different employers I've had. First question is should I consolidate all of the accounts into one account for ease of drawing income from them? I have a Fidelity account where I have IRA's. I was thinking it might be easier to manage the funds if they were in one location. If I do move them, would they be in one account or will they still be three different instruments but just held under Fidelity's 'roof'? |
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"You skunk-haired motherfucker." TEETER
"You skunk-haired motherfucker." TEETER
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Originally Posted By pavil58ar: First question is should I consolidate all of the accounts into one account for ease of drawing income from them? I have a Fidelity account where I have IRA's. I was thinking it might be easier to manage the funds if they were in one location. If I do move them, would they be in one account or will they still be three different instruments but just held under Fidelity's 'roof'? Yes, it will make your life easier and eliminate having to deal with multiple sets of 401k rules, custodians, etc. Fidelity is always the best answer. If they are your 401k I think they will all wind up in a single “rollover ira” at fidelity, but I’m not positive. If you have roth contributions those funds will wind up in a Roth IRA. Fidelity customer service could answer that quickly via chat or phone call. |
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I’m not qualified to make specific recommendations but there are some here who are…..you need to look into your Required Minimum Distributions as they are approaching quickly at your age. This may affect Medicare costs and has tax implications. Look into Roth conversions as well…but at your age that also has tax and Medicare cost implications as well (IRMAA). It’s a complicated topic. If you post specific numbers someone here can make specific recommendations but if you don’t want to post actual numbers in an open forum (understandable) then go talk to a local financial advisor. It’ll cost some money but will be money well spent. Depending on the amount of money you have, you might be able to save yourself a lot of tax money by making the right financial moves. |
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Theodore Roosevelt
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Fidelity rollover IRA. They can combine all those 401Ks form different employers. You can keep your securities or sell them to buy others. You can also have a ROTH IRA at Fidelity. They are different as far as taxes etc.. Also don't forget to update beneficiaries as soon as you open that new account. |
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No point in maintaining multiple 401(k)s… too easy to forget about them, plus more steps to rebalance, and more PITA to manage withdrawals. You can always roll one qualified account into another. I’m actually doing so today. |
Not fly enough to be halal....
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The simplest thing would be to merge (roll) them (over) into one account but you don’t have to if, for some reason, you want to keep one or more of the accounts. And if you do move them and they are all of the same type (i.e. not inherited, not spousal, etc.) then they can be rolled into one account. RMDs are not account specific . Each account will have an RMD, but your actual distributions can be taken in any combination from one or more of the accounts. So, for example, if you had a small(ish) account, you could draw it down first by taking the total of your RMDs from it. The other consideration, if you are in your “Roth conversion window”* is to start making Roth conversions prior to your RMDs kicking in. This allows you to somewhat manage your taxes by a) reducing the size of your RMDs once they become mandatory and b) giving you a pool of “free” (already taxed) money to withdraw in case of emergency, unforeseen expense, large purchase, etc. And you’re not that close to RMDs which start at 73. * Roth conversion window is that period between working and drawing SS+RMDs and when your tax rate should be lower. |
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