If you have an old 401(k) account that you are no longer contributing to, you can complete a 401(k) rollover. This is completed with a direct transfer to a new IRA or retirement account. Individuals may complete a rollover for better investment options or lower fees.
A plan participant leaving an employer typically has four options (and may engage in a combination of these options), each choice offering advantages and disadvantages.
- Leave the money in his/her former employer’s plan, if permitted;
- Roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted;
- Roll over to an IRA; or
- Cash out the account value
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