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When you quit your job, one of the biggest decisions you’ll have to make is what to do about the money in your retirement account if you’ve been saving in your company’s 401(k).
It’s important to make sure you find someone you trust to manage your money. As you consider your options, these are the questions you should ask an advisor to ensure you make the right choice.
If you have less than $7,000 but more than $1,000 in your 401(k), the employer can move your money to an IRA. “That’s typically not a great outcome because you’ll end up with wherever the ...
A 401(k) rollover is when you direct the transfer of the money in your 401(k) plan to a new 401(k) plan or IRA. The IRS gives you 60 days from the date you receive an IRA or retirement plan ...
Your contributions grow tax-free until withdrawn in retirement, at age 59 1/2 and above, and then you’ll be able to avoid tax entirely on the distributions.Your 401(k) contributions are ...
This approach will require you to file some paperwork, but you’ll have all your 401(k) money in one place. This choice can make sense if you like your new employer’s plan. Roll it over into an IRA
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