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Keep your retirement savings working for you.
If you're leaving your job and you've accumulated money in your company's retirement plan, then you have a very important decision to make before you go: What are you going to do with your retirement savings? Fortunately, you have several options that let you keep your retirement savings intact. |
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Option 1: Leave the savings in your company's retirement plan.
If you have a vested balance of $5,000 or more in savings in your retirement account, you can leave it in your company plan – even though you no longer work there. While you can't make additional contributions to that plan, you can let your savings continue to grow for you until you reach retirement age and begin making withdrawals. |
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Option 2: Transfer the savings into your new employer's plan.
You may be able to transfer your retirement account balance into your new employer's retirement plan. Called a "rollover", this process moves your savings - rolls it - from one company retirement plan to another. |
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Option 3: Roll over your savings into a Rollover IRA
If
your new company does not have a retirement plan or does not allow for rollovers, you can open a ROLLOVER IRA brokerage account and transfer your retirement savings directly into the new account. Like a company retirement plan, a Rollover IRA defers current taxes on your earnings and usually provides you with a wide range of investment choices. |