Hartfordlife

Unfortunately, you have received incorrect information here. I hope to be able to disabuse them.

Firstly, most 401 (k) plans these days accept rollovers from other 401 (k) plans. This means that YES, you can roll your old 401 (k) to your new one if you wish. Benefits to do this especially to be able to take a loan against your balance, and the creditor protection against predators unlimited /. You'll also get all your money into a retirement account, if things simplification is important to you. Disadvantages would be a limited choice of investments, no control over the fees and expenses (which are sometimes difficult to finance the group plans!) No advice or counsel of limited service, and no possibility to extend your heirs.

Another option is to roll over an IRA. And I do not mean a bank, the IRA is just another lame excuse for them to sell a CD lame as a retirement vehicle (which is not). I mean a full-service IRA, which may hold stocks, bonds, CDs, mutual funds, and, if necessary and appropriate, annuities. This type of IRA has many advantages, not the least of which was a wide variety of investment choices. Unlimited really, and compared to the 8-10 range of the average 401 (k), we can really see the difference. Another benefit is the Stretch IRA, which means you can choose heirs to stretch payments over their life expectancy, so as to minimize the taxes at their disposal. Among the disadvantages of losing the right to take loans against it, and lose the unlimited protection against creditors. In most cases, it is one million dollars today, which is great, but if your IRA to pass it, (which, if you are so young is very unlikely), now of additional funds would not be protected.

An IRA can be done on your own at a discount brokerage, or with assistance through a full-service broker or financial advisor. Although I give you a complete breakdown of the option at your disposal, you might consider sitting down with a professional in your area if you're still not sure which is the right decision for you. You can always contact me for any additional questions.

Hope this helps!
- J.

meet a wide mom_of_2. There are other places to roll the money, since you have to ride somewhere. I have a turnaround at Scottrade (www.scottrade.com) and I have complete control over every penny. There is still a vehicle for retirement and should be kept in until age 59 1 / 2, where you can start to draw some stars.
The worst thing you can do is try to cash out. The penalties are 50% (you know like corporate taxes) and personal taxes are due on the remainder.

If you left your current job (where you had 401K), then you will need to rotate IRA. You must roll over into an IRA to get it out of the ownership of your former employer. You should not roll a 401K 401K in another. I would like to contact Fidelity or Charles Schwabb and learn about an application for renewal of the IRA. You can then choose the funds you want to invest, and have control over your money.

Jean-Guy Ross seems that good eh?
Here's the scoop - you will be allowed to leave your $ 401 in home for some time. If you have an investment vehicle that you like to Hartford to leave until they throw you out, then you can do everything that others tell you. If you are invested in common shares may be wise to let it rest and see if some of what you lost last week back. there are lots of good advice in these other answers.

exit, if you find another job leave it in if you do not ....