Money Matters
lbonga1
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
401k or rollover IRA?
I have to decide which retirement option to go with. Right now, I have a 401k with my previous employer. The account is managed through Charles Schwab. I am able to keep the same plan with a $20/year fee. The lady I spoke to on the phone said it has been averaging about an 8.6% return, and current balance is just over $9300.
I could also go with a rollover IRA. I was looking at Fidelity's options because I have a cash management account with them as well. I don't really know how to read this table though? They're called "Freedom Funds." I'd be getting the 2055 option based on my expected retirement age. Help me figure out which is a better option?
Re: 401k or rollover IRA?
I prefer to roll everything over when I change companies. That way there's only one place I have to go looking for my money. I don't have to worry about my prior company going under or merging and I don't have to worry about them changing 401k companies down the line somewhere and having to figure out where my money is or worse, forgetting that you even have it.
As for the "Freedom Funds", different companies have different names for them, but all they are is an automatic investment option. They look at how long you have until retirement and automatically adjust your mix per the general recommendations of where you should be by how many years you have left until retirement. Since it seems you're not quite comfortable with investing, it is probably a good place to put things until you can either find a financial advisor or have the time to do more research on your own. You can always move things around later.