Here’s how to roll over your 401(k)
By Kathleen Elkins
Changing jobs is exciting, but there are some practical things you have to deal with, like what to do with your old 401(k) plan.
You have the option of leaving your funds in your old 401(k) plan, but there are a few downsides to doing that: You can no longer contribute to it and you’ll have multiple 401(k) plans floating around you need to keep track of.
It’s “definitely an option,” certified financial planner Nick Holeman tells CNBC Make It, “but typically, the downsides mean it’s not the best option.”
Here are two alternatives to leaving your money with your old company.