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If you’re taking a position with a new employer or even retiring, you’re faced with a major financial decision: what to do with the money in your 401(k) plan.
No problem! One of the benefits of a 401(k) plan is that it can follow you throughout your career, thanks to rollovers.
When you change jobs or retire, you have several options for your 401(k) plan. You can leave your money in the plan. Or, you can roll your money into another retirement plan—another 401(k) plan, if available, or an Individual Retirement Account, also called an IRA.
If you’re changing jobs and like the investment options in your new employer’s 401(k) plan, rolling your money into that plan might make life easier. With all of your retirement money in one account, it should be easier to track.
But, if you’re unsatisfied with the investment choices in your new employer’s 401(k) plan, or you’re retiring, you can open an IRA through a bank or brokerage ...
