Old Retirement Account - What should I do?

[Stacy Fernandez]

Hello Friends!

Just looking for some advice on an old retirement account and how to start a new one.

I have been self-employed for about a year and half now and putting off moving my old retirement account. At my previous job they had just implemented retirement accounts a few months before I had left. In my account I had about $1200 and to be honest i'm not sure what it is at now but I know I put it on an aggressive plan that has performed poorly. So I think I'm down to around $800. 

I'm not really sure how to get access to my account but I can figure that out when the time comes it is serviced through John Hancock.

What I'm hoping for some suggestions on is where is the best place to transfer the money to start a new self-employed retirement account that I can contribute some of my REALTOR® commissions to and start saving.

I'm most interested in steady returns which is why i'm leaning towards index funds. However in my future I would like to have a self-directed IRA to invest by hard money lending and purchasing buy & holds like lease options or notes.

On the Podcasts I have heard about Betterment, Equity Trust, and other services that seem like a good fit. 

My main goals of a servicer would be: 

• Low fees
• Easily accessible - App
• Integratable with Mint.com
• Easy to contribute to

What are your suggestions and experiences with these companies? Do you have any suggestions or best practices to help me achieve my goals?

[George Blower]

@Stacy Fernandez

Here are some considerations in choosing a Solo 401k plan provider:

1. Confirm that the provider has a pristine reputation (e.g. Better Business Bureau reviews, etc.).

2. You may wish to confirm that the new 401k provider has experience with the particular investments in which you intend to invest your retirement funds as you very likely will have questions in terms of the mechanics (e.g. how do you invest in real estate, etc.).

3. You may wish to confirm that the new 401k provider will handle the ongoing compliance support such as any required 5500 filing (e.g. 5500-ez for a one-participant plan with assets in excess of $250,000), any required tax reporting (e.g. 1099-r in the event of a distribution or in-plan Roth conversion), mandatory plan updates and amendments, etc.

4. If you might take a 401k loan, you may wish to confirm that the new 401k provider will prepare the required 401k participant loan documents.