We are all engaging in this act of seeking something better. Some are looking for recognition. Others desire higher pay. Many want better hours to spend with the family. Whatever your desire is you are seeking the ultimate career.
Please don't turn your hard earned retirement investment into a penniless battle ship. There are steps to take to when changing from one company to the next. Here are your options:
- Stay in the existing plan- This strategy are for individuals who don't want to bother with the paperwork to rollover or inquire about the new investment plan. They opt to let the fund remain with the previous employer. However, they aren't aware that the stagnant account earns a low fix rate. It isn't working for you.
- Roll assets directly into your new employer's plan or an IRA- Now that's the ticket. Take your picture frame, coffee mug, certificates, and investment plan. Don't leave anything behind. Make sure your retirement fund is actually working for you. This way you can actually monitor.
- Take a cash distribution-Aw! Aw! Aw! Don't stick your hand in the cookie jar. There are consequences. Don't let the excitement of receiving a large check overwhelm you. You would only receive 80% and if under 591/2 you can be taxed an additional 10% by Uncle Sam. I wouldn't suggest you give anyone a piece of your pie.
So you see there are options. Explore before you spend your hard earn change.
Be inspired,Bahiyah Shabazz
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