Rolling a 401k over into a new retirement plan isn’t always the best option. Besides rolling a plan into a new employer-sponsored plan or a personally directed retirement plan, you can leave the plan as it is or cash out the plan. Depending on your situation one of these options might ...
completing a direct rollover should be considered. A direct rollover is when the check is made payable to the new financial institution, who then rolls it into your IRA or new 401(k) plan.
If you’re at or older than age 55 and are not moving to a new employer (or are undertaking self-employment), maintaining the 401(k) plan gives you an option tobegin taking distributions prior to age 59½without penalty. If you rollover your 401k to an IRA or to a new employer’...