I have been a stay-out-home parent for 2 years now and have an old 401k that has 340k in it and growing. The account is with Fidelity and the index fund that the money is in has a low 0.015% ER. However since the time I have been employed, there has been a quarterly consultant and book keeping fees, which now totals to about $1000/yr. I calculated the percentage to be about 0.3%.
I have considered moving this to an IRA but then I will not be able to do my yearly backdoor Roth conversions. My spouse is working and plans to for at least the another 20 yrs. The MAGI is above the limit for a straight Roth contribution. I also dont have other 401k accounts.
I am not very worried since as a percentage the fee is low but it will be thousands of dollars every year as the pot grows. I would like to know if there is a way I can handle this and reduce/eliminate the fees.I will be calling Fidelity about this but thought of posting here before I do that to get some inputs.
Thanks in advance.
I have considered moving this to an IRA but then I will not be able to do my yearly backdoor Roth conversions. My spouse is working and plans to for at least the another 20 yrs. The MAGI is above the limit for a straight Roth contribution. I also dont have other 401k accounts.
I am not very worried since as a percentage the fee is low but it will be thousands of dollars every year as the pot grows. I would like to know if there is a way I can handle this and reduce/eliminate the fees.I will be calling Fidelity about this but thought of posting here before I do that to get some inputs.
Thanks in advance.
Statistics: Posted by ybdam — Fri Jun 07, 2024 2:18 pm — Replies 6 — Views 251