Ira Fidelity Investments
May 19th, 2005
Question: Rollover from Fidelity 401k to their IRA?
I am now retired and have a Fidelity managed 401k. They want me to roll it over to an IRA managed by them for 1.1% fee on value of investment calculated 4 times a year. Opinions please.
Answer: Well, it depends. Do you want help and advice with your account? If so, the IRA is probably the better choice. The 401k plan you are in doesn’t allow an advisor service and if it does, it will cost a fee as well. If you want to manage the account youself, then keep it in the 401k. However, there are some disadvantages of a 401k plan. You are limited to the investment Options within the plan. In a Fidelity IRA you will have thousands of funds to choose from. Also, if you former employer decides not to use Fidelity as their recordkeeper, you may be forced to move to wherever they decide.
As far as what the other guy said, any advisor has to listen and follow the goal of his client. If you are retired, they probably aren’t going to laugh when you say you want to preserve your money. But that sounds like something you can do yourself in the 401k.
EXPLOSIVE: OBAMA ADMIN TO CONFISCATE IRAs, 401Ks, RETIREMENT ACCNTS
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