Determining what to do with your retirement savings
For many Americans, employer-sponsored retirement plans are a cornerstone of their savings strategy. Contributions are made to an account, typically a 401(k) or 403(b), where the money grows tax-deferred.
But what happens when your employment ends?
When you can no longer make contributions to a former employer's plan – maybe you retired or are simply changing jobs – you have a decision to make about what to do with your tax-deferred savings. It's important to choose the option that best suits your financial needs and goals.
While the options are fairly straightforward, there are many factors to consider. We will explain those options, the information you will want to gather, and the factors to consider in making your decision.
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