You've Scored a New Job. Here's What to Do with Your 401(k) Funds. Phil Town shares some tips on the tax-exempt savings you've accrued from previous employment.
By Phil Town
Opinions expressed by Entrepreneur contributors are their own.
If you are in the midst of starting a new job, you may be wondering what to do with the money in your 401k. Entrepreneur Network partner Phil Town offers a few recommendations.
If you have a 401k from a previous job, and the account holds more than $5,000, then you can keep that money in the account even as you switch to a new job. Though, you should be aware, keeping money in your previous 401k account does not mean you will be able to add any more funds to grow it. Instead, Town recommends holding multiple accounts so that you can build your investments through various outlets.
If you'd rather see your 401k money grow, consider moving the funds you've saved into an IRA. This way, you can not only choose the investments you wish to make, but can keep the investments fees you're expected to pay relatively low.
To hear more about how to continue building your retirement funds, even as you switch jobs, click the video above.
Related: How to Invest in International Companies
Entrepreneur Network is a premium video network providing entertainment, ewitducation and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.
EN is partnered with hundreds of top YouTube channels in the business vertical. Watch video from our network partners on demand on Roku, Apple TV and the Entrepreneur App available on iOS and Android devices.
Click here to become a part of this growing video network.
