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401k Rollover Options

Retiring or Changing Employers?

Retiring or Changing Employers?

If you or someone you know is is leaving their employer, you may have questions about job hunting or retirement income and health care or Medicare. You may also be wondering, “What should I do with my 401(k)?”

People leaving an employer typically have four options with their 401(k) retirement plan, but it’s not an all-or-nothing decision. Depending on your situation, it may be possible to engage in a combination of these options:

  • Leave the money in your former employer’s plan, if permitted
  • Roll the assets over to your new employer’s plan, if one is available and rollovers are permitted
  • Roll the assets into an Individual Retirement Account (IRA)
  • Cash out the account value

Each choice offers advantages and disadvantages. If you are uncertain what action to take with your retirement accounts, please reach out. Over the years, we’ve found the best financial decisions are the ones that consider all available options.  As always, I am here to help you navigate these life changes.

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Before rolling assets over from a qualified plan, you should consider various factors. These factors include but are not limited to the following: Investment Choices, Fees and Expenses, Services provided by new option, Penalty-Free withdrawals, Required Minimum Distributions, and Tax considerations. Speak to a tax professional about your individual situation before taking any action.