04 Jun Should I rollover my 401(k) or leave it with my former employer?
In this ever changing job market that we have, people are getting laid-off from their employers daily. Many people have several former employers by no fault of their. With each employer there’s some type of 401(k), or similar employer sponsored plan. So my question is, why would you want to leave it with your former employer?
Because we all have access to an IRA (individual retirement account) it would make sense to roll all of your 401(k) plans to an IRA where you maintain control rather than a former employer. Lots of things could happen to employer sponsored plans like:
• Change the plan administrator
• The old company could get bought out
• They could go bankrupt (remember Enron?)
Therefore, it stands to reason that you should maintain an IRA for control and security.
No Comments