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.