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Career Changes

Starting a New Job

If you’ve recently changed jobs, did you remember to take your retirement plan along with you?

There are many things to consider when thinking about this...

  • Should you move your money?
    • To determine if this is a smart move, start asking questions about your new employer’s plan.
  • Determine if there are any plan restrictions. Each plan has its own set of rules and limitations, and they are usually defined in the retirement plans’ welcome kit. Ask the company’s benefits administrator.
  • Determine what types of investments are available by reviewing the welcome kit, or working with the benefits administrator. Review the amount and variety of funds available to you and consider whether you have opportunities that match your investment goals.
  • Fees - How do they compare between your new and old plans? Take a look at all of the information provided to you by your new employer, compare fees closely with your existing plan, and be sure to read the fine print.
  • Before making difficult decisions, consult a Financial Advisor, give us a call at (866) 334-9114. We’ll try to help with this intimidating process.

Between Jobs

Are you in between jobs and seeking new employment? Should you leave the money with your previous employer’s plan? Cash out the money? Move it?

  • Leaving the money - It’s generally ok to leave your money where it is as you may continue to benefit from the plan, but keep in mind, you may not be able to add money to it and may not have complete control over how you invest. Intending to start a new job soon? You may want to wait and then move the money to your new employers’ plan.
  • Thinking about cashing out the money? Money may be tight right now and it may be tempting to cash in that plan from your previous employer, but this may not be a wise option as you may lose more than you stand to gain by paying a high price when it comes to potential income tax and fees to cash your plan in. Let one of our Financial Advisors help!
  • Move the money - Moving your money to an IRA may be good option, especially if you are required to move your money. By doing so it gives you more control, more options, and flexibility. In addition, you can combine multiple retirement plans or funds into one IRA. Since IRA’s are not tied to your employer, managing the plan doesn’t change when your job change.
  • Let one of our Financial Services Advisors help simplify the process, by calling us today at (866) 334-9114.