No need to panic. We can help you make an informed decision.

The fortunate thing is that you have several options, each with different factors to consider. Initially though, any money vested in your 401k, for example, is yours to keep so don’t panic and make a quick decision that can both have short term tax implications or a long-term financial impact.

The first step when your retirement plan or job changes is to meet with your financial advisor. Munn & Morris Financial Advisors will take into account your unique situation and cover the advantages and disadvantages of each option:

  • Move the savings into an alternative retirement vehicle
  • Leave the savings in your former employer’s plan
  • Transfer your savings to a new employer plan
  • Take the cash

The above have multiple options available to you, each with its own pluses and minuses. IRAs have fees, but offer more investment options. Leaving your savings where it is limits your choices, but also is the easiest solution since the money is already there. Taking the cash subjects your savings to significant tax and early withdrawal penalties, but for some, is an option people sometimes consider.

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