The decisions made regarding your old 401(k) can significantly impact your financial well-being in the long term. In this video, I discuss options available and factors to consider when navigating this pivotal aspect of your financial portfolio.
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I’m Daniel Masuda Lehrman, CFP®, CSLP®, a fee-only fiduciary financial advisor who helps inheritance leavers and receivers manage their wealth responsibly.

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*** This post is general education – not financial, tax, or legal advice. ***…(read more)

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If you have recently left a job and are wondering what to do with your old 401(k) plan, you are not alone. Many people face this dilemma when leaving a job or transitioning to a new company. Luckily, there are several options available to you when deciding what to do with your old 401(k) plan.

One option is to roll over your old 401(k) into your new employer’s 401(k) plan. This can often be a simple and seamless process, as many employers offer assistance with transferring funds from one plan to another. By rolling over your old 401(k) into your new plan, you can continue to benefit from tax-deferred growth and keep all of your retirement savings in one place.

Another option is to roll over your old 401(k) into an Individual retirement account (IRA). IRAs offer a wide range of investment options and can often have lower fees than employer-sponsored retirement plans. Rolling over your old 401(k) into an IRA can give you more control over your investments and allow you to customize your retirement savings strategy.

If you are not ready to roll over your old 401(k) into a new plan, you can also choose to leave it where it is. While this option may be convenient, it is important to consider the fees and investment options associated with your old plan. You may want to periodically review your old 401(k) to ensure that it is still meeting your retirement savings goals.

Finally, you may also choose to cash out your old 401(k) plan. While this option is available, it is important to consider the potential tax implications of cashing out your retirement savings. In most cases, cashing out your 401(k) before reaching retirement age can result in significant penalties and taxes. It is generally recommended to explore other options before cashing out your old 401(k) plan.

In conclusion, there are several options available to you when deciding what to do with your old 401(k) plan. Whether you choose to roll it over into a new plan, transfer it to an IRA, leave it where it is, or cash it out, it is important to carefully consider your retirement goals and consult with a financial advisor to determine the best course of action for your individual situation. By taking the time to explore your options and make an informed decision, you can ensure that your retirement savings continue to work for you in the years to come.