401K Retirement Options: To Move or Not?
Update: 2025-12-07
Description
As workers retire, a significant question arises: what to do with their 401K savings? Many consider leaving it in their former employers plan or moving it to an IRA. Companies are now adding features like flexible withdrawal options and annuities to keep retirees money in their plans. This trend benefits both retirees and companies, as larger balances lower costs. With a record number of Americans reaching retirement age, managing 401K savings is more critical than ever. However, many retirees may not know they can keep their money in their former employers plan, and smaller accounts may be automatically closed, potentially subjecting them to taxes and penalties. Some plans now offer annuities, providing guaranteed income streams, but retirees must actively choose to use this feature.
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