What did you do with your old 401K...
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naomi shambles
Members Posts: 150 ✭✭
...If you left a job, whether you were laid off, resigned, etc,.what did you do with your 401K? Did you cash it out(get a check sent to you) or did a rollover IRA to a roth ira or roll over to your current employers 401K(if they allow it)? I liked the company(trustee) my 401K was with so I opted to convert to a rollover IRA and then into a Roth IRA
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Your 401(k) plan is a Retirement account that is sponsored by your employer and can only be funded through regular payroll deductions. So when you leave a job, you stop contributing to your 401(k), but the balance stays in the account until you tell your now ex-employer what to do with it. You can let it sit in your old employer’s account for a long time if you want or, you can choose from three options: cash out, roll over your old 401(k) balance to a new employer’s plan, roll over your 401(k) to an individual retirement account (IRA) of your choice.
