Put your old 401(k) in the right place
If you have an old 401(k), 457 or 403(b), it’s time to consider your options – including rolling over to a privately held IRA.
Roll over to an IRA
Could be good if:
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You’re interested in a variety of investment options
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You’d like to make annual contributions
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You’re looking for continued tax-deferred growth potential
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Keep in mind:
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You may pay annual fees for your IRA
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You’ll need to be at least 59½ to withdraw your money penalty-free
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At age 72, minimum distributions are required from rollover and traditional IRAs
Stay in your current plan
Could be good if:
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You’re happy with your current retirement account
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Your plan offers better pricing
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You want your retirement savings to continue growing tax-deferred
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You left your former employer after age 55 and would like to make tax penalty-free withdrawals
Keep in mind:
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You can’t contribute to a former employer’s plan
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You won’t be able to borrow from your former plan’s assets
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Your investment options may feel limiting
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Minimum distributions are required at age 72
Move to a new plan
Could be good if:
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The new plan offers lower-cost investments
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The new plan may allow you to take a loan from your rollover assets
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You’re looking for continued tax-deferred growth potential
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The new plan allows tax penalty-free withdrawals for anyone over the age of 55
Keep in mind:
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Your investment options may feel limiting
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Your new employer’s plan may have higher costs
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There could be a waiting period to consolidate accounts
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Your plan may not allow loans or loans from rollover assets
