When you leave a job, deciding what to do with your 401(k) is crucial. You have four main options:
- Leave it with your former employer’s plan, maintaining current investments if the plan allows.
- Roll it over into your new employer’s 401(k) plan, consolidating accounts for easier management.
- Transfer it to an Individual Retirement Account (IRA), which often offers more investment choices and potentially lower fees.
- You can cash out, but this may incur taxes and penalties, especially if you’re under 59½.
Evaluate fees, investment options, and your financial goals carefully before making a decision. Rolling over to an IRA or a new 401(k) is often the most tax-efficient choice for long-term growth.
If you’ve recently left your job or transitioned to a new employer, reach out to financial advisors at Kerr Wealth Advisors in Blue Bell, PA to review your options.
H. Brad Kerr IV, Vice President/ Wealth Management, Financial Advisor
215.619.3926/ bkerr4@janney.com
1767 Sentry Parkway West, Suite 110, Blue Bell, PA 19422
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The concepts illustrated here have legal, accounting and tax implications. Neither Janney Montgomery Scott LLC nor its Financial Advisors give tax, legal, or accounting advice. Please consult with the appropriate professional for advice concerning your particular circumstances.
