What to Do With Your 401k When You Leave a Job

Leaving a job is exciting. A new role, a fresh start, maybe even a relocation. But there is one decision that comes with almost every job change that most people get completely wrong - and it can cost you tens of thousands of dollars in a single afternoon. What do you do with your 401k when you leave a job? In this video I break down all four options, which one costs people the most, and how to make the right call for your specific situation. What we cover: -Why cashing out your 401k is almost never the right move and what it actually costs you -The hidden fee provisions some plans charge former employees that most people never think to check -When rolling into your new employer plan makes sense and when it does not -Why an IRA rollover gives you the most flexibility and opens the door to professional management -The one thing you must always request to avoid accidentally triggering a taxable event -A simple two question framework for making the right decision According to the Bureau of Labor Statistics the average person holds around twelve jobs over the course of their career. That means twelve opportunities to get this right - or twelve opportunities to make a costly mistake. Ready to talk through what makes the most sense for your situation? Schedule a conversation at https://www.erdmanfinancialgroup.com/... Erdman Financial Group | Lancaster County, PA Financial Planning | Investment Management Sources: Average number of jobs in a lifetime: U.S. Bureau of Labor Statistics, National Longitudinal Survey of Youth #401k #401kRollover #JobChange #IRArollover #FinancialPlanning #PersonalFinance #ErdmanFinancialGroup 00:00 Intro 01:01 Why This Decistion Matters More Than Most People Realize 01:47 Your Four Options 06:51 How To Actually Decide 07:39 Next Steps 08:04 Final Thoughts