Botching this decision could cost you your retirement savings
More than 9 out of 10 employers offer departing workers multiple ways to draw down their 401(k) savings, but most employees take a lump sum, according to Alight Solutions.
Taxes, your time horizon and the other income and assets available to you are a few of the factors you should consider before you decide.
Fees also matter. You might pay 1% in advisory fees if you roll your savings out to an advisor, yet some small 401(k) plans exceed that amount.