The benefits of rolling over your 401(k) when you leave a job

Whenever you change jobs, you have several options with your 401(k) plan account. You can cash it out, leave it where it is, transfer it into your new employer’s 401(k) plan (if one exists), or roll it over into an individual retirement account (IRA).

Forget about cashing it out—taxes and other penalties are likely to be staggering. For most people, rolling over a 401(k)—or the 403(b) cousin, for those in the public or nonprofit sector—into an IRA is the best choice. Below are seven reasons why. Keep in mind these reasons assume that you are not on the verge of retirement or at an age when you must start taking required minimum distributions (RMDs) from a plan.

Click to read the entire article: Top 7 Reasons to Roll Over Your 401(k)

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