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
