[QUOTE=Fredman;1607538]
Quote:
Originally Posted by BK001
I have some of our retirement 401k and 403b rollovers in Fidelity, Vanguard and Oppenheimer. To make things easier, I would like to consolidate and put all of our funds into one company.
We were told that even in the unlikely event that one of these firms went belly up we would not be hurt since we are not invested in these companies but in the underlying stocks, bonds and funds.
But I’d like other opinions, from a risk point of view, is there any reason why I should not do this?
Signed:
If i were you i would roll the 401k and 403b into an ira account through a major brokerage firm. That way you can manage your own investments. You are currently paying management fees to the 401 and 403 plans by consolidating to an ira accout you would only pay one management fee.
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In my opinion, you should definitely transfer your 401K and 403B money into an IRA. If you transfer it to Vanguard, you would not pay any management fee at all, except for the expense ratio of their funds. When I retired from the Federal Government, one of the first things I did was to transfer my retirement account into an IRA. I didn't want Congress to have any access to that money.