One of the interesting factoids in the article is that individuals will change jobs on average ten times during their careers! With all those potential job changes, What happens to the 401(k) money that you may have invested? The newsletter article gives some “wise” tips about what to do and what not to do with that nest egg you are trying to build for retirement. The article is titled: Where's Your Retirement Savings Nest Egg? Rolled Over? Cashed Out? Consider the Benefits of Keeping 401(k) Accounts Together! The article can be accessed via the wiserwomen.org website. It is also free and easy to subscribe to their newsletter.
Here are some other factoids from the article to whet your appetite to visit the website:
“There are 9.5 million job changers per year with 401(k) accounts..."
"39% of 401(k) participants are lost are missing..." (I think you can interpret that ats 39% of people who have had 401(k) accounts and cannot be located!)
“There’s nothing free about cashing out your 401(k) balance...” ( You could owe income tax on the proceeds.)
And here is something truly amazing…”If an individual cashes out $5,000 at age 30 (from their 401(k) account) the lost compounded value is nearly $55,000 by age 65…”
OK. Now have I convinced you to visit the website to learn more options for your 401(k) accounts?
I hope so.
Working to Preserve Your Wealth and Protect Your Future in a Constantly Changing World.
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Barbara Ann Dalvano, Esq.
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