I left a company that I was at for over 18 years about a year ago. The company I was at was using Fidelity and I had then opened a Roth IRA under Fidelity as well. My Roth only has around 15k and my 401k has close to 500k.
I joined a new company that same year where they go through John Hancock and have opened a 401k here with so far around 7k. I know I have options to either move my 401k, or I could roll into a Roth IRA (and believe I read you need to pay taxes on it at that point in time), or simply leave my money in my original account with no further contributions to it.
Every website gives a different opinion and I don't know if it makes sense to roll over the Fidelity account to my John Hancock account, or pay the taxes now and move it into my Roth IRA or simply leave it alone. I don't really see one outweighing the other?
I do know that when I take the contributions out they will be taxed. I also know that if I do move them into my Roth IRA they will be taxed since Roth IRA's are after tax contributions. I also know that right now I have no plans whatsoever to actually cash my old account in and pay all these fees plus taxes - I do not need the money.
Is there a preferred option you would take or what am I missing here?