When moving from one employer to another or leaving the workforce entirely for retirement, you may have an employer-sponsored 401(k) account that needs to be moved as well.
There are several options for what to do with the money in a 401(k), including rolling the funds into a new employer’s 401(k) plan, transferring the money to an individual retirement account (IRA), taking distributions, and cashing out entirely. Some of these choices have tax consequences, while others do not, making it important to carefully review your next steps.
