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It doesn’t matter if you resigned, laid off, or retired, you need to make a decision on what to do with your 401k after you leave a job. Generally, there are the following options:
1. Leave it where it is.
2. If you change companies, you can rollover your retirement plan into your new employer’s 401(k)
3. You can cash it out.
4. If you leave a company, you roll your retirement plan into an individual retirement account (IRA).
5. If you retire, you can start taking distributions starting at age 59½ and must start making minimum withdrawals at age 72.
Always be sure to consult a financial advisor, attorney, accountant, or someone who can help you with your unique situation.
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Wish I had found this video earlier when I lost my job year back
Transfer to a self directed 401(k) account, learn about stock trading/investing and get better returns. That minimizes fee as well.
Of course you shouldn't cash out your 401 K for clothes and vacations. What about people that want to start a business and start working for myself?
Is there a time limit on when you can roll it over to the new employer?
Fidelity sent to me all my 401k money even though I told them that I wanted to roll it over to my new employer. What should I do.?
Great advise. Thank you for sharing.
Video was very helpful. Thanks