When you leave your job either to take another one or to retire you take all your personal stuff with you. But what about your 401k? Your 401k (or 403b if you work for a school, hospital, or non-profit) is often the last personal item you give thought to.
This is money you’ve saved for your future. Granted, taking your 401k is not as easy as boxing up pictures and pens and your favorite mouse pad but you have options and you should understand them. Sure leaving it in your former employer’s 401k plan is an option but maybe not the best. Here are a couple other options to consider:
Roll it to your new 401k
If your new employer has a 401k that you are eligible to participate in, more than likely you can combine your old 401k with the new one.
Roll it to an IRA
A 401k rollover is a popular choice for many. An IRA typically will have a wide variety of investment options where the 401k maybe more limited.
Which option is best for you?
It depends. There are many factors that go into the decision to rollover your 401k. Contact us to see which is best for you.