What’s the best way to handle old IRAs and 401(k)s?
When you change jobs or retire, there are four things you can generally do with the assets in any employer-sponsored retirement plan:
- Leave the money where it is.
- Take the cash (and pay income taxes and perhaps a 10 percent additional federal tax if you are younger than age 59½).
- Transfer the money to another employer plan (if the new plan allows).
- Roll the money over into an IRA.
Rolling over from one qualified plan to another qualified plan allows your money to continue growing tax-deferred until you receive distributions in retirement. We can help you determine if a rollover is the right move for you.
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