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Showing posts from March, 2024

The 4 Biggest 401(k) Rollover Mistakes

  By Cyril S. White, Certified Financial Planner™   As people transition from one employer to another, many are still uncertain about what to do with their 401(k) plan when they leave their employer. Here are 4 of the biggest mistakes you should avoid when considering what to do with your 401(k).   A plan participant leaving an employer typically has four options (and may engage in a combination of these options as well), each choice offering advantages and disadvantages.   1.      Leave the money in his/her former employer’s plan, if permitted; 2.      Roll over the assets to his/her new employer’s plan, if one is available and rollovers are permitted; 3.      Roll over to an Individual Retirement Account (IRA); or 4.      Cash out the account value.  Each of these options can have a significant impact on your financial goals if not planned and implemented correctly.    We have found that there are four major mistakes people make with regard to their e