Have old 401(k) retirement savings from a past job? It's like finding old toys in the attic – you might have forgotten about it! This guide helps you decide what to do with your old 401(k) money.
- Check how much money is in your old 401(k).
- Decide if you want to keep it in the old 401(k) or move it to a new account (IRA).
- If you move it, find a good new place (like a brokerage firm) to put it.
- You might be able to change your old 401(k) to a Roth account (this affects taxes later).
- Follow the steps to officially move your money.
| Important Number | What it Means |
|---|---|
| $7,000 | If your old 401(k) has more than this, you get to choose what to do. Less than this, your choices are limited. |
