Normally, when you leave a job you have the option to (1) leave your 401(k) account where it is, (2) roll it into a new company 401(k), (3) roll it into an Individual Retirement Account (IRA), or (4) cash it out (which for most is a terrible option). An IRA is an account that you own personally and is tax-deferred (meaning you don’t pay tax until you withdraw the money, typically after you retire).
Since Shopko Corporation is closing, you’ll need to either roll the account into your new company 401(k) or roll it into an IRA. In today’s blog, I’ll describe how to properly roll your old 401(k) into an IRA. Read More