Managing retirement savings from multiple jobs
When you leave a job, you generally have four things you can do with your retirement savings:
- Leave the money in your old employer’s plan
- Roll it over1 to your new employer’s plan (if that’s allowed)
- Roll it over to a new IRA
- Cash out of the plan and get your money immediately
There may be some advantages to leaving money in your old employer’s plan. For example, you could pay less in mutual fund fees through an employer’s plan than if you invested in those funds with an IRA.
You need to weigh the pros and cons to leaving the money where it is or rolling it over. One advantage of rolling funds into an IRA is you can create a “home” for all your rollover assets from future jobs, making it easier to manage your funds.
This material is for informational or educational purposes only and does not constitute a recommendation or investment advice in connection with a distribution, transfer or rollover, a purchase or sale of securities or other investment property, or the management of securities or other investments, including the development of an investment strategy or retention of an investment manager or advisor. This material does not take into account any specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made in consultation with an investor’s personal advisor based on the investor’s own objectives and circumstances.