Since the average person holds eleven different jobs before they reach 40 years of age, the odds are good that most of you will have at least one 401(k) plan at a previous employer. You don’t have to roll that money over to your own plan, but you can. Here are the two main reasons to roll over your 401(k):
Remember: While rolling over your 401(k) plan can involve a lot of paperwork, there should be few to no costs involved. Don’t let a little paperwork deter you from making the best decision for your future.
The information provided is not intended to be legal, tax, or financial advice or recommendations for any specific individual, business, or circumstance. TowneBank cannot guarantee that it is accurate, up to date, or appropriate for your situation. Financial calculators are provided for illustrative purposes only. You are encouraged to consult with a qualified attorney or financial advisor to understand how the law applies to your particular circumstances or for financial information specific to your personal or business situation.