Hi all -
I had a Vanguard solo401k and is now transferred to Ascensus.
I opened the solo401k 2 years ago for my consulting. I have not consulted / had any clients for a year now. I’m debating to keep it open in case I do go back to consulting or just terminate it. I’m leaning to whichever is easier.
I have few scenarios in my head and would love to have some opinions and guidance.
Let me preface - after logging in and using Ascensus, I did not enjoy the experience and plus there are now fees to maintain it.
Scenario 1 - close my solo401k. Roll over to my current W2 employer 401k plan. I’d imagine I have to call them to see if they accept solo401k roll overs. Anyone know if this is widely common or accepted?
Scenario 2 - close my solo401k. Roll over to an IRA? Can I roll over to a TIRA like traditional 401ks? Or it has to be a Simple IRA?
Scenario 3 - (keeping it). The path of least resistance?
Open a new solo401k and Transfer the solo401k to Fidelity / Schwab. Anyone can speak to the logistics of this? Simple? Difficult?
Please excuse any details that may be incorrect. I did do an extensive boglehead and google search on these topics and still confuse.
I had a Vanguard solo401k and is now transferred to Ascensus.
I opened the solo401k 2 years ago for my consulting. I have not consulted / had any clients for a year now. I’m debating to keep it open in case I do go back to consulting or just terminate it. I’m leaning to whichever is easier.
I have few scenarios in my head and would love to have some opinions and guidance.
Let me preface - after logging in and using Ascensus, I did not enjoy the experience and plus there are now fees to maintain it.
Scenario 1 - close my solo401k. Roll over to my current W2 employer 401k plan. I’d imagine I have to call them to see if they accept solo401k roll overs. Anyone know if this is widely common or accepted?
Scenario 2 - close my solo401k. Roll over to an IRA? Can I roll over to a TIRA like traditional 401ks? Or it has to be a Simple IRA?
Scenario 3 - (keeping it). The path of least resistance?
Open a new solo401k and Transfer the solo401k to Fidelity / Schwab. Anyone can speak to the logistics of this? Simple? Difficult?
Please excuse any details that may be incorrect. I did do an extensive boglehead and google search on these topics and still confuse.
Statistics: Posted by L1tt1eMinon — Tue Jul 23, 2024 8:21 pm — Replies 1 — Views 181