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Find out if your new plan accepts rollovers and if there is a waiting period to move the money.Also, review the differences in investment options and fees between your old and new employers' 401(k) plans.“If possible, choose an option that allows you to continue to benefit from your savings’ tax-advantaged status and preserve and increase the growth potential of your wealth,” says Ward. Rowe Price for general and educational purposes only.Other important factors to consider include fees and expenses, available services, protection from creditors, and special tax considerations for employer stock. This material does not provide fiduciary recommendations concerning investments, nor is it intended to serve as the primary basis for investment decision-making. Rowe Price, its affiliates, and its associates do not provide legal or tax advice.
What might be harder to understand is why anyone would take money out of their 401(k) before they retire.That's why we provide features like your Approval Odds and savings estimates.Of course, the offers on our platform don't represent all financial products out there, but our goal is to show you as many great options as we can.Cashing out your old 401(k) may have significant financial consequences.Not only are those funds considered taxable income and subject to an immediate tax withholding, but also you may be subject to a 10% early withdrawal tax penalty if you cash out before age 59½.