With the average person changing jobs between 10 and 15 times throughout their career, deciding what to do with your old 401(k) after you quit one job for another can be a tough decision. The right answer for you really depends on your situation. We’ll go through the different options available and highlight some key points to consider before you make your decision.
When you do decide to leave your job, you generally have 4 options with your 401(k) money.
- Leave the money in the old 401(k) plan
- Cash in the old 401(k)
- Rollover the old 401(k) to the new company 401(k)
- Rollover the old 401(k) to an IRA with or without an investment adviser