401k when switching jobs?

[Katrina]

What do you do with your 401k when you switch to a new job? Do you leave it in the existing fund or do you transfer it to the one your new company has?

 

[Page]

Depends on what your existing job was and what account you have. Make it easy and transfer it so that everything is under one single name 🙂

I take my funds and add them to my bank account and then buy a house 😛 retire 😛 then that's wishing.

 

[Cam]

I’ve only had this instance come up once so far, and I still haven’t bothered to move my 401k over from my previous employer. I guess I’ve just been paying maintenance fees on it over the last year. Oh well.

 

[MrDawn]

Where I work doesn't do 401k. Funny because I was asking around about it yesterday. Someone told me to try some business here in my home town that'll do it.

 

[Katrina]

I’ve only had this instance come up once so far, and I still haven’t bothered to move my 401k over from my previous employer. I guess I’ve just been paying maintenance fees on it over the last year. Oh well.

Oh no! You missed your chance last year when the government allowed people to make changes to their 401k without any penalties! My daughter was the same way...just left it.

Where I work doesn't do 401k. Funny because I was asking around about it yesterday. Someone told me to try some business here in my home town that'll do it.

At least get some type of IRA started. Every bit helps.

 

[Allan]

I just cashed out when I left, enormous penalties though.

 

[BrolySSJ]

What do you do with your 401k when you switch to a new job? Do you leave it in the existing fund or do you transfer it to the one your new company has?

If I'm not mistaken from what I have seen it seems that the 401 k is actually a pension fund of sorts. I would expect that if you are transferring to a new job that you can take the funds that you have in this existing pension fund and transfer to the new company fund so that your pension can continue to grow. Pension funds especially important when it comes to your retirement and how you actually live your lifestyle at that later point in your life.