What are my options with 401K after leaving?

[D3str0]

Title say’s it all. Also if stocks with Target are better, can I leave my 401K with Target and make another employee sponsored one with another company? That would be two 401K.

 

[FlowTeamChick]

From what I remember when I left a job with a 401K, you can let it stay as is - you just won't be making automatic contributions via payroll deductions or getting the employer match. Or you can roll it over to an IRA without incurring any tax penalties.

 

[SallyHoover]

or you can take it out and take all of the penalties which I would not recommend doing.

 

[Ashfromoldsite]

Transfer it to your new companies 401k.

 

[Dream Baby]

Transfer it to your new companies 401k.

IMHO leaving it at your old employer is bad.

I believe since you are no longer an employee there you have no say in how it is invested.

It's better to open a 401K at Fidelity, Charles Schwab, etc. and transfer it.

It's pretty simple to do.

 

[buliSBI]

Roll it over to your new company or IRA.

 

[PricingMaster]

I rolled mine over into an IRA when I left.

 

[jackandcat]

This needs to be a sticky topic, maybe combined with other threads on this exact topic. It keeps coming up over and over and over.

 

[Formina Sage]

IMHO leaving it at your old employer is bad.

I believe since you are no longer an employee there you have no say in how it is invested.

It's better to open a 401K at Fidelity, Charles Schwab, etc. and transfer it.

It's pretty simple to do.

This isn’t true, if you’ve made an account with the 401k provider then you still maintain agency over your investment portfolio after leaving your job.

I wouldn’t say leaving it is “bad”, but it may not be as advantageous as rolling it into your new employer’s plan.