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Do Not Drain Your 401(k), Or Let A Former Employer Do It

TedTed
in Fund Discussions
FYI: If you are lucky enough to work for a paternalistic employer, it can be easier than ever to set yourself up with a retirement savings account. Many employers have taken to signing people up automatically for 401(k)’s and similar workplace plans. Some even raise the amount you set aside each year unless you object.

When it comes time to leave that employer, however, too many people end up with drained accounts, while paying penalties and taxes and leaving themselves with reduced retirement savings or none at all.
Regards,
Ted
https://www.nytimes.com/2017/05/19/your-money/401ks-and-similar-plans/do-not-drain-your-401-k-or-let-a-former-employer-do-it.html?ref=your-money

Comments

  • Sven
    People need to learn to be responsible for their own retirement. These days rolling over 401(K) can be readily done with various brokerages - Schwab, Fidelity, and others.
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