I'm currently working for an employer with a 401k program, but I'm in the process of quitting that job to start my own business. I'm 27 and my wife is 25. I have a Roth IRA through my Acorns investing account that I've maxed out the last few years and contribute to every month. My wife is planning to keep her job that also has a 401k. Both of our 401k plans are set up as target date funds through our employer's American Funds account.
What should I do with the funds that are already in my employer's 401k plan? I assume I need to move those funds out, but I'm not sure where I'd move them to. I have a Roth IRA that I set up through my Acorns Investment account, but I'm not sure if rolling things into that is possible and if it is possible whether it's the best option.
What's the best way to plan for retirement once I'm self-employed rather than benefiting from a 401k plan with matching? Like I said we're already maxing our Roth IRA. We could also increase the contributions into my wife's plan, but there's likely other options and ideas. The expense ratio on the plans there are pretty bad too (1.03% according to HR), so I'd think the better option there is to take advantage of the match but not put extra funds there? I also know there's also things to keep in mind regarding social security income and such, but I don't know all the nuances of that.
All help and advice appreciated.
original posted by SpidermanAPV to r/personalfinance on Wed, 03 Apr 2024 15:55:44 GMT.