ALPENA, Mich. — If you’ve moved on to a new job and left a 401k with your previous employer, you may have some important decisions to make regarding your retirement next egg.
Pam Kirchoff is a financial advisor with Edward Jones. She says there are a couple options you may want to consider.
“The options are, they can leave it, they can move it, they can role it or take it. Not everyone is the same so it’s really important that they sit down with a financial advisor or tax preparer and see what option is best for them,” Kirchoff says.
Deciding to take your 401k is the least used option because of the tax implications. If you decide to go this route, you could end up paying a large portion of your money back in taxes explained Kirchoff.