Protect Your Money With A 401k Rollover
If you are saving money for retirement, then why would you let even a penny of it goes to waste? Sadly, this is what happens to many people who do not bother to learn enough about how to rollover their 401k to their new employer.
If you are changing jobs, then you need to rollover your funds or else you will lose them. Doing a 401k rollover is not that difficult of a process when you consider the implications of not doing a rollover. What you need to do is ask your current employer what your options are in this area. Sometimes you are only going to be able to rollover the portion of money that you placed into the fund yourself. The employer does not want to give away the money that they have contributed to your fund (if they did put some money in there).
Another thing you are going to need to look into is if the 401k from your current employer will roll over exactly into their 401k offerings. Two companies may not have the exact same 401k offerings, but there are usually something similar that can match up well. If you have investing a portion of your money from your 401k into your company’s stock, then you may need to sell off that stock to get the full benefits of that money. Obviously you will not be able to roll over an individual stock like that into your new company. Therefore, you should probably not buy as much of your company’s individual stock in your 401k in case you ever have to roll it over. It just makes everything a little bit more difficult for you.
You should always roll over your 401k any time you change jobs, because this is your retirement money and you have worked hard for it.