Anyone who tells you to consolidate needs to be disregarded. We don't have nearly enough information about your current 401ks to draw an informed conclusion. It depends entirely on the investment options available in each of those accounts and your current provider. Since you mention your current one is with a bank you've never heard of, I'm going to guess the investment options are not great (at least compared to a T Rowe or Fidelity or other provider that has its own good fund options). You need to evaluate the options in each of them.

Personal anecdote from my own finances. Several years ago spouse and I were trying to figure out what to do with old 401ks. Lots of seemingly knowledgeable people told us to consolidate. We went to a flat fee planner who looked at our respective legacy 401ks. Spouse was with Fidelity and invested in Admiral class funds closed to new investors that we would not have been able to access anywhere else. Mine was invested in the marginal options provider by my former employer. Advisor told us to leave spouse's investments at Fidelity and move mine out.

Open an IRA and consolidate them into that.

FPYCparent wrote:I don't know if the "Rule of 55" automagically applies to all workplace retirement plans. Each employer has the option to make this a feature of their plan, but I don't think it is a hard requirement.

https://www.investopedia.com/rule-of-55-5324286

I mean if you read the first two sentences of what you posted it’s pretty clear that it’s an IRS rule that applies to how withdrawals are taxed.

I don't know if the "Rule of 55" automagically applies to all workplace retirement plans. Each employer has the option to make this a feature of their plan, but I don't think it is a hard requirement.

https://www.investopedia.com/rule-of-55-5324286

Anonymous wrote:

Anonymous wrote:Most people suggested consolidating. Are you worried about insurance coverage up to 500K? Some companies claim to have additional coverages, but what happens when many companies are in trouble? I know the probability is low, but you never know. Thoughts?

All the major brokerages have excess SIPC coverage. If Fidelity, Vanguard, and Schwab all fail at the same time, money will not do you any good. Only water, food, and ammunition will be of any value.

This is right. It's good to guard against risk; it's silly, and counterproductive, to try to guard against all risk, no matter how remote.

Anonymous wrote:

I consolidated every this year except TIAA which has been a kafkaesque nightmare to get my money out (they are truly the worst). It’s nice to see it all together and balance portfolios etc and less for spouse to keep track off, beneficiaries, putting into trust etc should I kick the bucket .


This is fascinating - I moved mine to TIAA and they were the best to deal with (maybe because they were taking the money?)

I wont go into all the detail but I first had to have my spouse notarize something authorizing me to move the funds. then sent that in and filled out forms with my new brokerage. We sent those in, but they rejected them saying they needed a 'wet' signature. We did that. Then they said that they can't roll them over directly and I have to roll them into a different IRA first with TIAA and then roll them over. I did that. Then nothing happened. We checked in and they said that I needed to fill out another form, which seemed to be an electronic version of the same form I had done recently with the wet signature. but okay. So I did that. Nothing happened. I called recently and they said they had "no idea" why. I was assigned a case number and name and told I would hear within 48 hours. I have heard nothing and contacted the case manager 3 times. I have been trying to move this money out since July. So maybe easy to move money INTO but not out of. My brokerage says that they have always been difficult, but that my experience has been the worst so far that they have witnessed.