What to do with small 401k’s?

[TripletsFish]

I have two 401k’s from previous employers. Each have about $900. Suggestions would be appreciated.

[Ben Danbleume]

I'd roll over an amount that small and fund this years IRA with it.

[boneil]

I was in a similar situation several years ago, and cashed out the money to pay off some credit card debt. I would use the money to either pay off some debt or start another retirement account. Credit card debt can be a real killer, but not having retirement sucks even more later on in life.

[dvl2700]

Open up a IRA and roll them all over into the IRA. Fidelity and Vanguard are good. I rolled mine into a Vanguard account. Do it direct so you don't pay any taxes.
dvl2700

[TomM]

Open up a IRA and roll them all over into the IRA. Fidelity and Vanguard are good. I rolled mine into a Vanguard account. Do it direct so you don't pay any taxes.
dvl2700

Yep, roll them all into one.

Tom

[krindgen]

I would think cashing out comes with a steep penalty. Rollover costs nothing.

[dvl2700]

Yep, What krindgen said

[fishon396]

Trustee to trustee IRA rollover

[Travel to fish]

Roth if possible, pay tax now not later on the growth...

[potomacbassin]

Too little information here. Is it currently in a traditional 401k or a roth IRA? Early withdrawal is subject to your federal and state income tax rate plus 10% withdrawal penalty if you are under 59.5 years old unless you qualify for an exemption. Or about $90 per 401k in your case. Choosing between rolling it to a traditional ira or a roth ira really depends on what your current tax bracket is and what you expect your retirement tax bracket to be in. It's not a black and white answer.