I'm changing jobs, how do I keep my 401k?

Asked by Brady

3 Answers

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Answered by Michael Keeler, CFP®, CLTC in Las Vegas, NV
Hi Brady,

You have 3 options to you.
1. Your old employer may allow you to keep your 401k in the plan.
2. You can roll it over into the 401k at your new employer
3. You can roll it over into a self directed IRA.

These three options will allow you to keep the tax deferred status of your money and incur no penalties. | 02.19.14 @ 19:30
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$commenter.renderDisplayableName() — {comment} | 12.10.16 @ 04:59
Answered by Winnie Sun, Financial AdviserPRO+ in Irvine, CA
Michael did an excellent job answering this question. You may want to take advantage of this change to also update your retirement plan. Since two of the above three options will likely cause you to convert to cash before being reinvested, why not have a professional review your portfolio mix to make sure it's appropriate for your retirement account going forward? We do this for our clients all the time. | 03.28.14 @ 07:02
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$commenter.renderDisplayableName() — {comment} | 12.10.16 @ 04:59
A
Answered by Arin
Roll it over to a personal IRA , most companies, at least ours, give a bonus and also are able to have more flexibility on funds you choose and have someone to help you decide on allocations, rather then asking the next guy in the cubicle who got his market tip from his cousin that does sanitation work for the city. | 03.03.15 @ 22:23
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$commenter.renderDisplayableName() — {comment} | 12.10.16 @ 04:59
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