Where to Transfer Your 401(k) After Leaving a Job (What to Do, and Why)

What should you do with a 401(k) after leaving a job?

When you change jobs or retire, where should you transfer your retirement savings? You have several options for most 401(k), 403(b), the TSP, and other retirement plans.

We’ll briefly review the pros and cons of 5 choices in this video, and you’ll get tips that may help you decide which choice is best. To summarize, your choices include:
Transfer funds an IRA that you control
Move assets to your new job’s retirement plan
Transfer directly to a bank account if you’re ready to spend now
Consider an annuity if you want income guarantees
Leave the money in your former employer’s plan (don’t transfer it)

As you decide what’s next, be sure to evaluate things like flexibility, costs, and other features.

Will it be easy to get your money? Do you have the investment options you want? Are you planning to hire somebody to help you, and does that change anything?

In many cases, you can change your mind later. But it’s not always easy, and you may need to pay fees if you switch to a different account, strategy, or custodian. That’s why it’s important to review the advantages and disadvantages of each provider carefully.


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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.


CHAPTERS:
0:00 Overview of the Situation

0:26 Rollover to an IRA
3:14 Where to Open an IRA
4:02 Move to Your Next Job's Plan
4:51 Cash Out to a Bank or Credit Union (Be Tax-Aware)
5:42 Annuities for Guarantees (Like Lifetime Income)
6:30 Leave Savings With Former Employer

IMPORTANT:
It's impossible to cover every detail and topic in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.

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