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When you are starting a new job, one of your first priorities is to decide what to do with your old 401(k). You worked hard for your money and you want it to continue building a comfortable nest egg for your retirement years.
Like most investors, you will probably be rolling over your old employer-sponsored 401(k) plan to a new plan. When you take a 401(k) with you, there are several 401(k) rollover options to choose from. You can:
You can also leave your money in an old 401(k) account, but that presents some drawbacks. You will no longer be able to contribute to the plan and there could be withdrawal restrictions. Your former employer may close your account if you have a small balance and/or force you to withdraw funds when you reach normal retirement age. It’s also cumbersome to manage multiple 401(k) accounts.
Beware, if you are thinking about cashing out your 401(k). If you are younger than 59½, you’ll be subject to a 10 percent early withdrawal penalty. Plus, your former employer will be required to withhold 20 percent of your money for federal taxes. And don’t forget that you’ll have less money for your retirement.
If you are ready to roll over your money to another 401(k), IRA or Roth IRA, here are four steps you should follow:
As you make plans to roll over your 401(k) to a new account, remember that there may be a nominal one-time fee for transferring your money.
Whether you choose to roll over your old 401(k) to a new 401(k), traditional IRA or Roth IRA, you’ll maximize your retirement earnings if you pay close attention to the market and make good investing decisions.
Investment advisory services offered through Global Financial Private Capital, LLC. This material is for informational purposes only. It is not intended to provide tax, accounting or legal advice or to serve as the basis for any financial decisions. Individuals are advised to consult with their own accountant and/or attorney regarding all tax, accounting and legal matters.
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