Should You Roll Over Your Retirement Account?

December 18, 2023
What options do you have when leaving a job where you hold an employer-sponsored retirement account?
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After you listen

A job change is a big change, and it's one of those changes happening to people with greater frequency for a variety of reasons. For many of these job seekers and switchers, past and future employers offer some kind of retirement savings plan, meaning these job transitions come with decisions to make around retirement planning for those investing in them.

Do you leave your 401(k) where it is? Roll it over to a new one? Open a new account and put the money in there? What are your other options? The right choice for your situation isn't always clear. This episode's guest, Sarah Buchardt, a corporate financial consultant and CERTIFIED FINANCIAL PLANNER™ professional at Schwab, will help us navigate these questions.

To read the study Mark references on the connections between gratitude and a charitable mindset, check out "Gratitude, Finance, and Financial Gratitude Reminders in Charitable Giving: A Repeated Experiment Over Time" in Financial Services Review. 

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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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