401k
My company is switching 401k from NetBenefits to ADP.
We're wondering about:
- Possibly moving what is already in the 20yr old 401k to one/something similar on the Fidelity side. (Is that allowable without penalty, now and/or later at retirement?)
- As per above moving all money in the account now to Fidelity and then continuing on with the new ADP 401k with future contributions/company matches.
- We're basically investment novices.... How does a Fidelity 401k work is it invested on it's own based on risk tolerance or would we have to choose funds?
- Are we overthinking it and should just go over to ADP? Seems reviews are mixed with decent returns but then high(er) fees which eat away at those returns.
- Can/could we leverage a Fidelity Visa to make ongoing contributions to the Fidelity 401k while payroll/company contributions go to the ADP account.
- Is my basic understanding of interest earned on the money too basic? If I have $400k in one account earning average rate of return at 4% and $4k in the new account also earning 4%.... (Am I not earning the same amount of money as I would be if all $404k were in the same account?)