Ask Jennifer: 401K

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June 17, 2013, 10:55 am
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(NECN) - If you've ever had to switch jobs, or if a career move is in the foreseeable future, sometimes it's hard to know what to do with your 401k that you've worked so hard to build up.

Joining us with answers to your questions is certified financial planner, Jennifer Lane, from Compass Planning Associates.

Grace in Malden, Mass.:
"I've changed jobs a few times and have a couple of old 401K accounts spread around. Is it better to consolidate them all with my current employer or open an IRA account?"
-    Check disclosures on 401K fees
-    Variety of investment options
-    401K loan options

Jason in Billerica, Mass.:
"My retirement plan at work is with TIAAA Cref. I understand the account is an annuity. Does that mean I can't move it to my IRA account when I retire?"
-    Check the fees
-    May have withdrawal options/fees
-    Confirm in prospectus

Andrew in Roxbury, Mass.:
"I was divorced two years ago and can claim my share of my wife's 401K. Do I need to keep it with the current employer or can I move it to my own 401K?”
-    Pick IRA or 401K based on fees
-    You’ll get a check made out to your account
-    Deferred comp plan (457) is an exception

Watch the attached video to hear Jennifer’s answers, and if you have a question, email Jennifer at Jennifer@necn.com

Tags: Jennifer Lane, Ask Jennifer, career, certified financial planner, compass planning associates
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