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Starting a New Career Journey?  Don't Forget About Your Retirement Plan

Starting a New Career Journey? Don't Forget About Your Retirement Plan

July 01, 2021
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Few life events are more stressful than a job loss (or change).  Even when your career change is voluntary, your "new adventure" can bring about feelings of anxiety and uncertainty.

Many Americans expect to look for a new job as the pandemic continues.

According to Bankrate's August Jobseeker Survey, some 55% of people in the workforce said they are likely to look for a new job in the next 12 months.

If you or someone you know is in this situation due to COVID-19 or find yourself reevaluating your career priorities, you most likely have several questions about job hunting, unemployment insurance and health care. You may also be wondering, “What should I do with my 401(k)?”

People leaving an employer typically have four options with their 401(k) retirement plan, but it’s not an all-or-nothing decision. Depending on your situation, it may be possible to engage in a combination of these options:

  • Leave the money in your former employer’s plan, if permitted
  • Roll the assets over to your new employer’s plan, if one is available and rollovers are permitted
  • Roll the assets into an Individual Retirement Account (IRA)
  • Cash out the account value

Each choice offers advantages and disadvantages. If you are uncertain what action to take with your retirement accounts, please discuss with an advisor and explore your options. Over the years, we’ve found the best financial decisions are the ones that consider all available options.

If you have questions about what rules apply, you may want to get in touch with your former employer’s human resource team. As always, I am here to help as well.

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