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Do you have a lost 401(k)? A new federal database will help you track it down.
David Schneider
Marketwatch.com- December 3, 2024
This article discusses what to do with an old 401(k) plan when you leave an employer and a new federal registry designed to help people track down missing 401(k)s.
This article discusses what to do with an old 401(k) plan when you leave an employer and a new federal registry designed to help people track down missing 401(k)s.
In the article, David Schneider points out that “Transferring it to your new employer’s plan simplifies your life and simplifies the management of your money.” He also mentions that another advantage of consolidating accounts is that you may be able to take a loan from your current employer’s plan, which isn’t an option if funds are left in an old plan.
Mr. Schneider also states that “transferring to an IRA gives you full control and maximum flexibility with a wider range of investment options.” He adds, “You want to consider where the fees will be the lowest and where your options are broad enough for your plans,” noting “it may be sufficient at your current employer’s plan, or the choice of investments at an IRA could be worth it.
Read More: Marketwatch.com
