Should I rollover my 401k? What would you do?
I (30F) left my traditional career about 3 years ago to start my own business. Since leaving, I just let my retirement that accumulated during my career sit in the same account with my former employer. I've been exploring the option of rolling over my account with my local Edward Jones agent, but I'm really struggling with the decision and looking for some advice.
Some of my considerations (maybe I'm not considering everything I should).
My current balance is a little below $30k. I am charged a flat $12.75 quarterly to cover expenses (so at $51 per year with my current balance, fees are a flat 0.17%). My cumulative rate of return for the past year is 13%.
Per the schedule of fees from Edward Jones, the fees would be 2% on purchases and "normal transaction fees" on mutual funds.
Does that mean I'd pay 2% just to transfer my assets over to them? So I'd give them $600 right away? With my current plan, that's almost 12 years worth of management fees and seems insane.
Should I rollover my assets? Should I leave them be? What information did you consider when managing your retirement if you ever left corporate and started your own business.
One big benefit I potentially see of using our local Edward Jones agent, is he is an all around wealth advisor. So, he would give advice on non-managed money, help be a sounding board for business stuff, give advice when it comes time to hiring a CPA and/or legal team, etc.
I really don't want to screw this up. I know I'm behind on my retirement with leaving and not contributing while starting my business, so I don't want to set myself back further for while I'm playing catchup.