Are you thinking about saving for your retirement? If yes, then you should now consider availing of a 401k retirement plan. This kind of retirement plan is actually being set up and sponsored by your employer. In short, the amount which you can accumulate from this retirement plan depends upon the amount being contributed by your employer. But what if you have found another job and you already want to leave your current employer? Does this mean a goodbye to your 401k retirement plan as well? Fortunately, you can still have your 401k plan even if you have decided to leave your current employer through the so-called 401k rollover.
Rolling over your 401k plan simply means that you need to move your 401k away from your previous employer. You can actually move your 401k account either to your new employer or to an IRA. Rolling over your account is deemed to be essential in order to do away with any probable fees that your previous employer may charge you. You only need to make sure to follow all the rules in rolling over a 401k plan to avoid any problems and to have no regrets too at the end of the day. In fact, some of the important rules which you need to keep in mind when doing a 401k rollover are as follows:
o Never cash in the money to get rid of heavy penalties.
o Cautiously complete all the rollover forms.
o Prepare for a new 401k account wherein you are going to rollover your existing retirement plan.
Indeed, your 401k retirement plan will stay beside you even if you have already found a new work and employer. You just have to be aware on how to rollover your 401k account. After all, doing a 401k rollover can be done without much hassle at all provided that you take by heart all the rules associated in doing it just like the rules which have been mentioned above.