Reply to why do so few people have two million dollar 401ks/IRAs?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I can relate to the above poster. Mine are in various places. [/quote]
take time to consolidate it. You just have to fill out a form.[/quote]

it is a little more than that, usually they convert to cash and send a check so you have to reinvest.

i always keep in a single place but got hosed once , had to migrate during 2021/covid and lost out on some big gains that happened during the 2 weeks it took to mail the check and then get new brokerage to receive and then to re-invest. [/quote]

Be careful consolidating - some places still send you a live check and according to a recent article you don't have a lot of protection if a fraudster intercepts the check and steals your money. Craziest thing is that if you are the victim of fraud and someone steals your money, you may owe the IRS for the penalties from taking the money out early.

https://www.nytimes.com/2025/05/17/business/paychex-401k-rollover-checks.html[/quote]

My last roll over in 2024 they mailed me a check from old 401k then I had to take that check and mail it to current 401k. That seems risky but was only way allowed[/quote]

Same for me in 2023. And it took a long time. I was stressed until that money was finally in my account[/quote]

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