Insights
I changed jobs. What should I do with my old 401(k)?
I get this question quite a bit. On the surface, it seems pretty simple.
Leave it where it is.
Move it to your new 401(k).
Roll it into an IRA.
Or take the money out.
Those may be the options. But deciding between them isn’t always that simple.
Did you leave your employer after age 55?
Could you need access to some of that money before 59½?
Would Roth conversions make sense at some point?
How does this decision affect your taxes?
What other retirement accounts do you have?
And what makes the most sense for your family and the rest of your financial plan?
Those are very different conversations.
That’s why when someone asks me, “Where should I move my old 401(k)?” I usually want to ask a few questions before I give them an answer.
Because sometimes the best decision is to move it. Sometimes it’s to leave it exactly where it is. And sometimes there’s an opportunity that isn’t obvious until you look at everything together.
The important part isn’t knowing that you have options. It’s understanding what those options could mean for YOU before you make the decision.
That’s the conversation worth having.
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