Right now there is no charge if you self manage.
Will there be a charge for self management?
13 replies (most recent on top)
Run from Empower. They are totally incompetent. I have received so much incorrect information from them regarding their own investment options. Don't walk, RUN!!
If you leave move rollover those funds to an IRA. Don’t leave it with empower.
There's no fee per say but it's in your best interest to move your money out of there.
run from Empower, they just 60-40 you and collect the fees. Get into an actively managed account with a reputable fiduciary.
No but don't do it. Empower does not have the best investment advice. I told them I wanted to know if they had any fixed income investments as I am retired and 100% equities is not smart. They sent me a prospectus for a 1% fixed treasury account. I don't think they knew what I was asking. Lost check was my worry also since it was low seven figures but my attorney assured it me that they could not claim payment without the check cashing. Took 11 days for check to come and me to get it into a new IRA. Lost earnings for those days justified spending the money for a wire transfer but Empower would not do it.
roll over your 401K into something like Fidelity or Vanguard where you have 100% control and no fees.
@jvy GLD's <5% gain for 2023 is nothing compared to the WF/Empower NASDAQ index's 41% return over the same period.
There's nothing precious about that metal.
My husbands company also has empower. His 401k is doing significantly better, I’m pulling it when I get laid off. The WF choices su-k.
Roll it over to a self directed IRA at Fidelity, schwab/td ameritrade, morgan stanley/etrade. You will have much more control (like the ability to invest in GLD). You will soon find out that your FA will NOT be your friend.
Scared to roll it over because the amount is large
What if the check gets lost?
Yes, they do. Roll it over to your next employer's 401k (which could also be Empower) or Fidelity.
Why would you let your money rot in WF/Empower's horrible selection of funds rather than roll it over into a vehicle where you have some control over what you invest in?
I don't think so. My 401K from a previous employer is also with Empower. I don't pay anything to keep that old 401K with them.