If you’ve recently left a job, it’s important not to forget about your 401k retirement account. Many people mistakenly think that once they leave a job, they no longer have access to their 401k funds. However, this is not the case.

Your 401k account is your hard-earned savings for retirement, and it’s crucial to make sure that it’s properly managed, even after leaving a job. Whether you’re transitioning to a new job, starting your own business, or retiring, it’s essential to take action to protect your retirement savings.

One option you have is to roll over your 401k account into an Individual retirement account (IRA). This allows you to continue to grow your savings tax-deferred and gives you more control over your investment options. By rolling over your 401k into an IRA, you can potentially reduce fees and have more flexibility in managing your retirement funds.

Another option is to leave your 401k with your former employer. While this is a viable option, it’s important to keep track of your account and ensure that it continues to grow over time. Make sure to update your contact information with your former employer so that you receive important updates and notifications about your account.

If you’re over the age of 59.5, you may also have the option to start withdrawing funds from your 401k without facing early withdrawal penalties. This can be a great way to supplement your income during retirement, but it’s important to consider the tax implications of withdrawing funds from your retirement account.

Regardless of what option you choose, it’s crucial to stay informed about your 401k account and take steps to protect your retirement savings. Leaving a job can be a busy and stressful time, but it’s essential to prioritize your financial well-being and ensure that your retirement savings are secure.

Don’t forget about your 401k retirement account when you leave a job. By taking proactive steps to manage your account, you can continue to build a strong financial foundation for your retirement years.

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