If you’re like most people, you’ve changed jobs throughout the years. Once, twice, maybe more. That means you could potentially have several different retirement accounts from those jobs.
Your old retirement plan balances can be an important part of your overall retirement savings and you have several options to consider:
- Move them into your current retirement plan
- Move them into an Individual Retirement Account (IRA)
- Leave your account in your former employers 401(k) Plan
- Take a cash option and pay substantial penalties and taxes
So how do you know which option makes the most sense for you?
- Leaving the money where it is or moving it to an Individual Retirement Account (IRA) are certainly solid options. In either case, your money will continue to have the potential to compound and grow on a tax-deferred basis.
- Many people choose to move their money into their current employer’s plan, simply for the convenience of being able to track and manage all of their retirement savings in one place.
- Whatever option you choose, it’s important to think ahead and understand the pros and cons of any actions you take.
We’re here to help you create confidence that you’re on track to realize your financial goals and aspirations.
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