Job Changes, 401(k) Accounts and the Stock Market
What do all three have in common?
You know the answer, if you've changed jobs during this rugged economy.
When you leave a job, your 401(k) funds usually follow you.
Two main considerations - don't take the funds out of the 401(k) account.
The tax cost is too severe, including a 10% penalty in most situations.
Secondly, when you move the funds to your new 401(k) (or an IRA account, if you'd prefer), evaluate your mix of investments.
Asset allocation is still the key to long-term success.
Realign your funds to a mix that is appropriate for your circumstances.
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Do you have some Personal Finance advice to share or have a question?
You can Write to Us!.
Include your first initial and last name.
I'll try to use your contribution in a future column.
(Please note that these columns are written several weeks in advance so publishing it will be delayed accordingly.)
