New Job Don't forget your 401(k)

If you’ve recently left your job for a new one, you may be wondering what to do with your retirement account. The most important thing to know is that you have options. Let’s them break down.

1. Leave your account with your previous employer

This option maintains the status quo. You can elect to leave your account where it is if the balance minimum is met. (Some plans require a minimum threshold for you to keep your savings where they are.)

2. Cash out your account

It’s your money. If you need access to the funds, this is certainly an option. For most people, there will likely be penalties to pay and tax implications to consider.

3. Roll into your new 401(k)

If your new employer offers a 401(k), you can elect to roll your current savings into the new account. This does lock you into the platform and investment options available while you maintain your position there.

4. Rollover to an IRA

A customized Independent Retirement Account (IRA) offers more flexibility than most employer 401(k) plans. An IRA with a Peak Financial Guidance advisor presents a wide selection of investment options, and each PFG advisor is also a Fiduciary, so you can rest easy knowing they will always act in your best interest.

Next Steps

Each option has its pros and cons, but what you do is largely determined by your individual needs. That’s where the Colorado-based experts at Peak Financial Guidance can help. Your first step toward reaching your financial goals starts with a complimentary 15-minute consultation. Complete the form below and an advisor will reach out to answer any questions. 

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