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Home News Business

Changed jobs? Think 401K

John McIntyre by John McIntyre
October 14, 2015
in Business
0
Changed jobs? Think 401K
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What to do with your 401k when you change jobs?

A 401k plan is an employer-sponsored payroll deduction retirement savings plan that offers significant tax benefits. One of the best features of a 401k plan is they allow you to make pre-tax contributions, so that your contributions are deducted from your payroll prior to federal or state taxes being taken out, thus reducing your taxable income.

Unlike times past, today people do not typically stay at one position for their entire career, but may change jobs several times. When changing jobs, it is essential to consider the continued tax-deferral benefits of these retirement funds. A hasty decision may result in a large taxable consequence.

There are several possible options for how to handle these funds:

Leave the funds where they are: You may be happy with the investment alternatives offered in the plan, the funds may continue to grow tax-deferred, and you can buy some time to decide the best course of action long-term. However, if your vested balance is $5,000 or less, your employer may require you to take your money out of the plan.

Take your money out: When you leave your current employer, you can withdraw the funds in a lump sum. However, you will have to pay federal and possibly state income tax on this money. If you are under age 59-and-a-half you will generally have to pay a 10 percent penalty as well.

Transfer the funds to your new employers retirement plan or to an IRA.

If you would like more information about your 401k options when you change jobs, or simply want retirement plan advice in today’s volatile market, please contact Stephan Scribner, Financial Consultant, BSNB Financial Services 363-8196.

Securities are offered through Essex National Securities, LLC, member FINRA & SIPC. Insurance products are offered through Essex National Insurance Agency, Inc. Neither is affiliated with the bank.

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