{"id":1115,"date":"2019-08-01T06:30:58","date_gmt":"2019-08-01T12:30:58","guid":{"rendered":"https:\/\/www.insure-us.org\/blog\/?p=1115"},"modified":"2019-07-15T20:23:02","modified_gmt":"2019-07-16T02:23:02","slug":"changing-jobs-what-to-do-with-that-401k","status":"publish","type":"post","link":"https:\/\/www.insure-us.org\/blog\/changing-jobs-what-to-do-with-that-401k\/","title":{"rendered":"Changing jobs? What to do with that 401(k)"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">There aren&#8217;t many things you can do with your 401(k) when you change jobs, but some choices are better than others.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Worst choice: Cash out.<br>\nIf you went to all the trouble of saving money in a retirement plan, the worst thing you can do before age 65 is cash it out. Any distribution will require a 10 percent early withdrawal penalty if you are under age 59. Plus, anything you take will be taxable that year. There is an exception to the penalty if you are losing a job or changing jobs at age 55 or later, but it is still taxed.<\/li><li>Best choice: Rollover to the new company&#8217;s plan. You never get your hands on the money and it never stops growing.<\/li><li>Good choice: Rollover to an IRA. If you have less than 10 years to work, an IRA will offer a wider choice of safe investments and fixed income options, according to Presley Wealth Management.<\/li><li>Possible plan: Rollover to a Roth IRA.<br>\nConsult an investment advisor before doing this. The downside is that you pay taxes on the money when you take the Roth plan. The upside is you can start tax-free withdrawals at age 59.<\/li><li>Good option: Leave it where it is.<br>\nYou won&#8217;t be contributing to your old 401(k) if you leave your job, but if you like the current options, consider keeping it where it is. You can roll it over any time<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>There aren&#8217;t many things you can do with your 401(k) when you change jobs, but some choices are better than others. Worst choice: Cash out. If you went to all the trouble of saving money in a retirement plan, the worst thing you can do before age 65 is cash it out. Any distribution will [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[32,31],"tags":[],"class_list":["post-1115","post","type-post","status-publish","format-standard","hentry","category-general","category-retirement"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.8 - aioseo.com -->\n\t<meta name=\"description\" content=\"What can you do with your 401(k) when changing jobs? 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