When it comes to 401k advice, you have probably received warnings about leaving money on the table. In the past, employers provided pensions for employees. Now, 401ks are far more popular. Several employers provide contribution matches, which essentially is “free money” mirroring up to a certain point of your own contributions. Employees have become so used to the burden of retirement resting on their own shoulders that they do not give 401ks the attention they deserve.

What To Do When You Leave

One of the big reasons employees do not like to invest in 401ks is that the current workforce is more transient. Workers often worry about what to do with their corporate 401k plans when they leave. Here are some recommendations our financial team might make:

1. Continue to contribute to the 401k with the old employer.
2. Bring the account forward to the next employer.
3. Roll the money into an IRA.
4. Withdraw the money.

How To Know Which Option To Choose

Each option comes with pros and cons and may suit some financial situations better than others. Because of this, we begin by evaluating your current incomes, assets and debts. We then consider your financial goals and career plans before determining which option might suit you best.

Our team is eager to help you realize the full potential of your employer’s benefits plan. Contact Financial Partners Group now to find out how we can help you pursue this goal.

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