Transcript of the podcast:
After you listen
- If you'd like to learn more about your options when it comes to saving for retirement and try a savings calculator, check out schwab.com/retirement.
- Follow Mark Riepe on Twitter: @MarkRiepe.
Leaving a job can be difficult, but understanding what to do with the 401(k) you leave behind shouldn't add to the difficulty. In this episode, Mark Riepe explores the options available to you if you've left your employer but still have a 401(k).
Mark Riepe talks with Nathan Voris, senior managing director at Schwab Retirement Plan Services. They discuss the advantages of various options, such as an IRA rollover, an indirect rollover, and doing nothing. In some cases, it might make sense to roll your 401(k) over to your new employer's plan, but how do you evaluate two different plans to see which is right for you? Mark and Nathan walk you through the details.
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Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.
A rollover of retirement plan assets to an IRA is not your only option. Carefully consider all of your available options which may include but not be limited to keeping your assets in your former employer's plan; rolling over assets to a new employer's plan; or taking a cash distribution (taxes and possible withdrawal penalties may apply). Prior to a decision, be sure to understand the benefits and limitations of your available options and consider factors such as differences in investment related expenses, plan or account fees, available investment options, distribution options, legal and creditor protections, the availability of loan provisions, tax treatment, and other concerns specific to your individual circumstances.
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