For those of you knowledgeable at investing and 401k’s I have a question I hope you can help me with.
I currently have a 401k with a past employer that would end up costing me approximately $50.00 a year to maintain (fees) and is currently earning about 15.8% for the year.
I also have a 401k with my present employer earning about 16.5% for the year.
I think I need to rollover, transfer, or do something with the money in my past employer's 401k. Would I be better off transferring the balance to my current employer's 401k (if possible), keep paying the fees and keep it where it is, put it in an IRA, or cash it out and buy me some "Man Toys"? Obviously I am kidding about the last option! If I put it in an IRA I think I would have to pay taxes on the amount pulled out but I am not sure on this. I am trying to learn more and more about this kind of stuff.
Any advice is greatly appreciated. By the way I am 34 years old.