Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
And it's not.
It's going to stay in cash.
You basically have three options.
The first one is just to leave the money at the company and, you know, not to get too in the weeds, but if you have a very small account, that may not be possible.
But generally, if your account is worth more than $7,000 of your balances,
you will have the option to leave that money with your former employer.
You should check with your former employer on that, but that usually is an option.
And it can be a very attractive one if you're in one of these like mega 401k plans that has ultra low fees, that can be a great option for you.
The second option is to roll the money over to your new employer's 401k plan.
So basically by rolling it over, what I mean is you transfer it without any tax consequences.
And the third option is to roll it over to an IRA.
No, no.
You have to do something.
If you don't do anything, it's going to stay with your former employer.
Again, if it's a pretty small balance, if it's less than $7,000, the employer has the option to roll that out for you into an IRA.
So it's sort of an involuntary IRA rollover.
So that can happen if it's a small account.
But basically, if your balance is above $7,000 and you do nothing, your account's just going to stay at your former employer's 401k plan.
The rollover process can really vary depending on which company has your IRA and which company has your 401k.
The basic steps are that you need to – if you don't have an IRA already, you need to open one.
Showing 261–280 of 4,485 · page 14 of 225
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