From the course: Planning for Retirement
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Rolling over retirement accounts
From the course: Planning for Retirement
Rolling over retirement accounts
- Given that workers in the US typically change jobs every three to five years, it's likely that you'll have retirement accounts with previous employers. And you might be wondering whether you should leave those where they are, roll them over to an IRA, or maybe a Roth IRA, roll them into your current employer's plan, or even take the money and run. I'll walk you through each of these options to help you determine the right way to go, whenever you leave an employer. As you think through what to do with old accounts, there are a few key things to keep in mind. First, do you need the money right now? Or is this money still earmarked for retirement? If you truly need the funds, you can ask your former employer to distribute the money to you. But this is one of those break glass in case of emergency sort of things, as there's likely taxes and penalties on the distribution. For example, if you have a 10,000 in an old 401k…
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