Some of the difficulties that occur when you separate from service and you leave your employer sponsored retirement account with your previous employer.

These pitfalls include:
1. You can’t make any more contributions
2. There may be fees on those accounts

However, if you leave a job and find new employment, you can transfer your employer sponsored retirement account from your previous employer to your new employer. If you don’t have that option, or you don’t want that option, you can rollover those funds into an IRA.

I’d recommend rolling over to an IRA because:
1. You can eliminate a lot of fees
2. You have a choice on how you want to allocate your monies in your portfolio
3. It can be a non-taxable event
4. You get a better ability to designate a beneficiary
5. It’s a lot easier to manage the IRA account
6. You can avoid some restrictions that are on employer sponsored retirement accounts

Video from “Skills To Pay The Bills” with Hosts Freeman Owen Jr and Carolyn Owen.

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