What Should You Do with an Old 401(k)? – Episode 252

When you leave a job, what you do with your 401(k) often feels like a formality. But the reality is that most people have no idea what to do with their retirement plan, and they don’t know what their options are. And making the wrong move can cost you flexibility, trigger unnecessary taxes, or limit your options later on.

In this episode, podcast host Johnny Dean and Rick “The Professor” Plum, CFP®, break down the seven key factors everyone should consider before rolling over a retirement account. How does your age affect access and penalties? When does leaving money in a 401(k) actually make sense? What happens if you have an outstanding loan, company stock, after-tax contributions, or plans to retire early? And why is “just roll it into an IRA” often incomplete advice?

If you have an old 401(k), are changing jobs, or you’re unsure whether your retirement money is sitting in the right place, you need some answers. A rollover isn’t automatically right, and it isn’t automatically wrong. What do you need to know? Find out on this week’s episode of Managing Your Financial Future!