Long gone are the days where employees stay with one employer for a long time. If you’re like me, you may find yourself with several 401(k) accounts from previous jobs. Should you roll them over and combine them?
Gen X and Millennials will have many jobs in their lifetimes – they may have many careers. If you’re like me, you’ve worked for several organizations. That means you may have small amounts tucked away in a smattering of 401(k) plans. On their own they may not be much, but added together you might have a good start on a nest egg.
Research shows that if you have about $20,000 in retirement account balances (read 401(k)) that you’re more likely to preserve those savings. With a few accounts, you might have accumulated that much already! A few years ago, I took several legacy accounts and rolled them into a Vanguard Target Date retirement fund. It helps me keep track of all those account balances and not risk having accounts determined to be abandoned property.
So, track down those old investment accounts and consider getting them combined into one account.