I am looking for some advice on what to do with the Money from a previous employer 401k.
I currently have the checks that were issued to the trust of my new employer's 401k service. I have not sent them in to them because someone said I should think about opening an individual account because the funds are not good and expensive at my new companies plan. (think they were like 1.2 - 1.5%, sound high?)
The only reason I was even bothering with a rollover is because I want to take a loan against that money. If I open an individual 401k account, can I still take a loan against the money? Is that a safer option since I wont have to worry about my job status with respect to paying the loan back?
Secondly, should I be able to get the checks re-issued to a new account should I open one?
And lastly, if anyone has any investing companies that should be worth taking a look at, I'd like to hear about it. So far I was just leaning toward E*TRADE.