40 ms·

> Or don't, because I'm pretty sure they have to keep your account open indefinitely, but IANAL so ask a professional Definitely a life best practice to period

> Or don't, because I'm pretty sure they have to keep your account open indefinitely, but IANAL so ask a professional Definitely a life best practice to periodically consolidate these kinds of accounts. Imagine trying to track down your 401k from your time at GE 20 years ago. It definitely exists somewhere, but it would not be fun finding it.

sfshaw 3y ago
After 20 years that account might have escheated.
- rootusrootus 3y ago
  If the plan administrator can't reach you, perhaps.
greggsy 3y ago
The Australian Tax Office portal lists all of your active superannuation (or ‘super’, which is basically 401k) accounts, and offers a link to kick off the transfer process. Despite having one of the most contradictory and complex taxation systems in the world, they do make some things very easy.
dhosek 3y ago
Most 401(k)s have some periodic maintenance fee. Transferring to a rollover IRA will eliminate that maintenance fee.
- zeckalpha 3y ago
  But make a Backdoor roth harder
  - dhosek 3y ago
    As far as I can tell, the answer to that is nope. You can do it with a rollover IRA just as easily as with a 401(k).
    - zeckalpha 3y ago
      If you have basis at EOY, there are more taxes.