Archived What do I do with my 401k?

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Since I am leaving Target at the end of the month, I am wondering what to do with my 401k.

Do I leave it with them?
Do I open an account with my bank for my 401k (retirement account)?
Do I open an account with another place?

Any advice would be nice.
 

buliSBI

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You have up to around 90 days after you leave to rollover your 401k and any pension funds to a qualified plan. Another 401k plan or an IRA.

If you do not transfer it, Target will automatically transfer the funds to an outside institution. KeyBank was the last known institution that I heard of.
 

lovecats

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They will send you something in the mail plus I got an email to go to payandbenefits for a special message. I have until the end of July to transfer mine over to my IRA.
 
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The company I am moving to won't let me put it into their plan unless I have been there for a year. I guess I'll have to go for an IRA.
 
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If it's not a lot of money why not cash out? IRA's aren't earning good interest right now. When I left I had the old fashioned pension, not the 401k but still. i never put into it so it's free money. If you cash out you will lose about 20% plus it's taxed higher but as I said, I didn't put into it so I took it. I didn't hurt me come tax time either because the taxes were taken out up front. Just my 2 cents.
 

commiecorvus

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You can put it into a Roth IRA.
Then you'll have access to your money if you need it and you can get a jump up if the rates get better.
 
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