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When leaving your job or retiring, you have a number of options for your 401(k) plan. You can cash in and take the money (or at least part of it) with you. You may be able to leave the money where it is. Check with your plan sponsor to be sure this option is availble to you. You can roll over the assets into your new employer’s plan, if allowed. Or you can roll over the assets into an IRA. Consider your choice carefully because each option has both short- and long-term effects.
For example, if you cash out now, taxes and a possible penalty may significantly reduce the amount you will receive. It also may increase the risk that you won’t have enough to live on during your retirement years.
To find out more about all of your options, play the brief video above and explore the tools and resources on this site.