A few months ago, I transferred my 401(k) funds from my previous employer into an existing Rollover IRA, both on Fidelity. The existing Rollover IRA was a 401(k) before, created by an employer long ago.
I started a new job a few months ago and have a new 401(k) with Vanguard, which is through my current employer. I talked to someone from Vanguard about directly transferring the money from Fidelity to this current Vanguard account. But I never did.
Yesterday, I was on a call with Vanguard again about taking those steps, and they said that my Fidelity Rollover IRA isn’t eligible for transferring to the Vanguard 401(k). Now that money is just sitting in my Fidelity account, without extra funds being added to it.
In the meantime, I’m currently adding 15% of my paycheck to my Vanguard 401(k). I would much rather have all that money in one account and retirement plan so that the compound interest does its thing on the bigger numbers. It feels like bad advice was given.
What’s the best course of action here? Is this going to mess my retirement funds up in the long run?
I am 35 and have a lot to learn about how retirement plans work, fees involved, etc. I would like to talk to a financial counselor as well, but figured to start here first. Thank you for any helpful advice you may share.
I started a new job a few months ago and have a new 401(k) with Vanguard, which is through my current employer. I talked to someone from Vanguard about directly transferring the money from Fidelity to this current Vanguard account. But I never did.
Yesterday, I was on a call with Vanguard again about taking those steps, and they said that my Fidelity Rollover IRA isn’t eligible for transferring to the Vanguard 401(k). Now that money is just sitting in my Fidelity account, without extra funds being added to it.
In the meantime, I’m currently adding 15% of my paycheck to my Vanguard 401(k). I would much rather have all that money in one account and retirement plan so that the compound interest does its thing on the bigger numbers. It feels like bad advice was given.
What’s the best course of action here? Is this going to mess my retirement funds up in the long run?
I am 35 and have a lot to learn about how retirement plans work, fees involved, etc. I would like to talk to a financial counselor as well, but figured to start here first. Thank you for any helpful advice you may share.