The 3 best steps to take with an old 401(k), according to a money expert: 'Choose your own adventure'
Publishing timestamp: 2023-09-29 15:31:15
Summary
The article discusses the options individuals have for their 401(k) accounts when they switch jobs. It explores the pros and cons of leaving the money in the old employer's plan, rolling it over into the new employer's plan, or rolling it into an individual retirement account (IRA). The article highlights the simplicity and potential cost savings of leaving the money in the old plan, the consolidation and portfolio management benefits of rolling it over into the new plan, and the flexibility and investment options available with an IRA. It also mentions the potential risks and challenges associated with each option.
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Keywords: personnel, labor economy, ameriprise financial inc, personal finance,