Published on Nov 19, 2012
Why do you need to know the details on how to rollover an old 401(k) plan? FULL ARTICLE HERE – http://bit.ly/UP7gZK – The average person holds 11 jobs from the age of 18 to 44, according to the Bureau of Labor Statistics, and for many of us that means 11 or more workplace retirement accounts. Because not all employer plans require you to leave the plan when you leave the company, you could end up with several, disparate retirement accounts. I like to use the analogy of being a babysitter when it comes to orphan 401(k) plans. Every time you leave an old an employer and start with a new, essentially you leave a child in a backyard. If you move between three or four different jobs over five to ten years, that means you’ll have several kids in several different backyards. The real question is how will you be able to babysit all of those kids and watch them closely from your backyard when they are in multiple backyards? The short answer is you won’t, which is why you need to know how to rollover a 401(k).