Handling your 401k when Changing Jobs
When you make a career switch, you also need to decide what you’re going to do with your 401k. Should you leave the funds where they are or take your plan with you? Should you roll the money into an Individual Retirement Account (IRA) or transfer it to your new employer? Here are some choices: • Take the money and run -- You can withdraw your 401k in a lump sum and use the funds to meet expenses or invest elsewhere. Because these distributions involve complex tax issues, it’s always wise to consult a professional for more information. • Another option is…