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What to do With Your 401(k) if You Leave Your Job

March 02, 2023
If you leave your job, you have several options regarding your 401k account:
1. Leave the money in the plan:
You may be able to leave your 401k account with your previous employer's plan. However, it's important to note that you won't be able to contribute to it anymore. This is not the most recommended option, but it is one of the options if you wish to keep your 401k growing. 
2. Roll over to a new employer's plan:
If you start a new job with a company that offers a 401k plan, you may be able to roll over your old 401k into your new plan. One of the best options when it comes to a 401k is to just roll the money over to the new company and continue contributing. Over 90% of American companies offer some kind of 401k, and most of those offer some kind of 401k match. 
3. Roll over to an individual retirement account (IRA):
You can also roll over your 401k into an IRA. This may give you more investment options and potentially lower fees.
4. Cash out:
You can cash out your 401k, but this option may not be the best choice as you'll have to pay taxes and penalties on the money withdrawn.
Remember, it's always important to consider the potential fees, investment options, and tax implications before making any decisions about your 401k account.