Welcome to Raising Money$mart Kids!

What do YOUR kids know about the value of a buck? If you're like most families, finances aren't often discussed. Some parents feel that talking about money makes their kids feel like they're poor. Others may not know where or when to start to help their kids learn about budgeting or business or banking.

Here at Raising Money$mart Kids, you will find articles on everything from setting up an allowance to running a lemonade stand to helping kids make better purchase decisions. You can ask questions get help from the community.

So, grab a cup of coffee and pull up a chair!

Thursday, November 11, 2010

Taking Your Retirement Funds With You When You Leave a Job

With the mobility of labor today, many employees work for a half dozen or more employers during their career. They may leave behind small chunks of money in each company's 401(k) plan. Rolling old 401(k) money into an IRA helps you keep control over your retirement money and can provide you with a better return.

Leaving an Employer Means You Can Take Your Retirement Money with You

As an accountant and financial planner, I am often asked by clients for advice on what to do with their retirement funds if they change jobs or become self-employed. There are a few options, each with its own set of pros and cons. 

When you leave an employer for another or for other opportunities, you can do one of two things with your built-up 401(k) plan funds. You can leave it parked where it is (and the employer must let you do so if you have more than $5,000 vested. Alternatively, you can roll it into an Individual Retirement Plan (IRA) that you control. 

No comments: