Changing or leaving a job can be an emotional time. You’re probably excited about a new opportunity and nervous too. And if you’re retiring, the same can be said. As you say goodbye to your workplace, don’t forget about your 401(k) or 403(b) with that employer. You have several options and it’s an important decision.
There are four options for an old 401(k): Keep it with your old employer, roll over the money into an IRA, roll over into a new employer’s plan, or cash out.
Make an informed decision: Find out your 401(k) rules, compare fees and expenses, and consider any potential tax impact. Checking with your tax professional is important.
Because your 401(k) may be a big chunk of your retirement savings, it’s important to weigh the pros and cons of your options and find the one that makes sense for you.
When it comes to deciding what to do with an old 401(k), there may be factors that could be unique to your situation. That means the best choice will be different for everyone. If you find it confusing or overwhelming, speak with a financial professional to help with the decision.
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