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When you change jobs, you may have several choices regarding your company's retirement plan savings:
If your account balance is at least $1,000, the 401(k) plan may rollover your entire account balance automatically to a designated IRA unless you elect to have the distribution transferred to a different IRA or retirement plan, or to receive it directly. If your account is worth more than $5,000, the plan cannot pay out your account balance until you tell the plan administrator you want the money—in other words, when you consent to the distribution. So be sure to fill out your plan's 401(k) final distribution form if you want to take the money with you. If you decide to leave the money in the plan, you can do so at least until the later of the age specified in the plan or age 70½, when you must begin taking required minimum distributions.
SUGGESTION: If you are required to take a total distribution, you can roll over the money into a traditional IRA or your new employer's retirement plan. You can continue where you left off in saving for your retirement.
IMPORTANT NOTE: There may be a fee involved if you leave the money in your former employer's 401(k) plan. Be sure to check with the plan administrator before making your decision.
Securities and Investment Advisory Services are offered through LPL Financial, a Registered Investment Advisor, member FINRA/SIPC. Insurance products are offered through LPL Financial or its licensed affiliates. Heartland Planning Associates is a trade name of Heartland Bank. Heartland Bank and Heartland Planning Associates are not a registered broker/dealers and are not affiliated with LPL Financial. The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any other government agency. The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible. The LPL Financial representatives associated with this website may discuss and/or transact securities business only with residents of the following state: Ohio. Check the background of investment professionals associated with this site on FINRA's BrokerCheck.
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