You have three options: keep the money in the old company’s 401(k), move it to a new employer’s plan, or do a rollover into an IRA.
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From US News April 27, 2016
How to Choose Between a 401(k) and an IRA
You’ve worked hard and religiously steered a chunk of your income into your 401(k). But now you’ve left – for another job, a working hiatus or retirement. What’s the best way to handle that nest egg?
“In most cases, I would recommend rolling over an old 401(k) into an IRA,” says Stephanie Genkin, a Brooklyn, New York-based certified financial planner who gives courses on the topic. But while many financial advisors agree, most say the decision is not a slam dunk in every case.