When you leave a job and start a new one, you get a choice about what to do with your previous 401(k). Your best bet, says Daily Worth, is to roll it over into an IRA to maximize your retirement savings.
If you simply cash out, you'll need to pay taxes. Leaving it in your old employer's 401(k) means you'll be paying administrative fees for both your old and your new employer's 401(k).
Instead, rollover that money into a single IRA. You won't be paying multiple administrative fees and you'll have complete control over your investment options. Employer 401(k) plans have limited investment options. Check out the link below for more.
11 Money Mistakes You Probably Don't Know You're Making | Daily Worth
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