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With rising wages and a tight labor market, the last couple years have led many workers to switch jobs. That means many job-hoppers may have a 401(k) retirement plan with a former employer.
Let’s say you change jobs and have a 401(k) from your old job with $20,000 in it. Instead of cashing out the plan and paying a $4,000 penalty, you initiate a direct rollover to your new employer ...
You could continue to leave your money in your old 401(k). Or your old employer can transfer the money into a default IRA to be automatically transferred to the new employer’s retirement plan ...
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 ...
The rule of 55 is an IRS guideline that allows you to avoid paying the 10% early withdrawal penalty on 401(k) and 403(b) retirement accounts if you leave your job during or after the calendar year ...
The third option is transferring your old 401(k) savings to your new employer plan. You need to talk to the plan administrator about doing a direct transfer, avoiding all taxes and penalties ...