If you’re changing jobs, make sure you don’t leave any retirement funds behind.

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If you’re changing jobs, make sure you don’t forget about your retirement funds.

WHEN YOU LEAVE A JOB, IT’S ALL TOO EASY TO FORGET TO TRANSFER YOUR RETIRED ACCOUNT THAT YOU PAYED IN WHILE AT YOUR PREVIOUS EMPLOYER.

It’s crucial to transfer your 401K account when you leave because it could be worth thousands of dollars.

People have sought more money, more flexibility, and more happiness as a result of the pandemic and life afterward.

According to a Pew Research Center study, 50.3 percent of US adults 55 and older said they retired in the third quarter of 2021.

The Great Resignation has been coined to describe the rise in resignations.

Employees have been voluntarily leaving their jobs since Spring 2021, primarily in the United States.

According to the Labor Department, 4.4 million Americans lost their jobs in September 2021.

It’s important to know what to do with any money you earned from an employer-sponsored retirement plan, whether you change jobs or resign.

A rollover is a method of transferring funds.

If you have an employer-sponsored retirement plan that needs to vest, you might want to hold off on quitting until you’ve received all of the matching funds.

You can keep the money in your old plan, transfer it to a new plan with your current employer, or put it into an individual retirement account (IRA) when you start a job.

Make sure you’re up to date on all deadlines.

If you do not move your money within a certain amount of time, you may face penalties.

The Internal Revenue Service (IRS) may impose a 10% tax penalty if you take an early withdrawal before the age of 59 12 years.

You may not have as much left after paying the penalty and regular income tax as you had hoped.

If you reinvest in another similar retirement account within 60 days, you can usually take a distribution from your retirement account without penalty.

You can also leave your retirement account alone; you just don’t want to lose track of it.

If you can’t remember where your retirement accounts are, start by making a list of your previous employers and seeing which company they used for their retirement plans.

It’s a good idea to start consolidating your accounts if you’re over 60.

If you’re over the age of 72, it’s a good idea to consolidate your accounts to avoid having to deal with complicated required minimum distributions.

A penalty may be imposed if you lose track of your 401(k) and do not take the required minimum distribution.

A list of unclaimed retirement accounts can be found by searching the National Registry of Unclaimed Retirement Benefits.

We’ll go over it again…

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The rise in resignations has been dubbed The Great Resignation

The rise in resignations has been dubbed The Great Resignation

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