Changing Jobs

With the possible stress that can come with changing jobs, it can sometimes be easy to forget about your existing retirement plan. Reach out to us to explore the 4 most common options you have to choose from and determine which one is best for you.

1/ Leave the Plan with Your Existing Employer- You can choose to leave the account with your existing employer's plan, if they allow it. It's important to make sure you can still have full access to make investment changes as needed if you choose this option.

2/ Rollover Your Existing Plan to Your New Employer Plan- Rolling over your existing plan to your new employer's plan can be a great choice to continue your retirement savings.

3/ Rollover Your Existing Plan to an IRA- With this option, you take full ownership by rolling over your savings into an IRA (Individual Retirement Account). You avoid any early distribution penalties and would have unlimited investment options vs the investments offered with your previous employer's plan.

4/ Take a Full Cash Distribution- This option should be avoided, unless you are under a dire life hardship. This will create a 10% tax penalty if you are under 59 1/2, and you would have to pay federal and state taxes on the amount distributed.