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Ask Dave

Changing jobs and retirement savings

Jamie gets advice from Dave on handling a situation with her Roth 401(k).

QUESTION: Jamie wants to know what will happen to her Roth 401(k) if she changes jobs and goes to a company that does not offer a Roth 401(k). Dave explains the steps, and he advises her about the process.

ANSWER: Anytime you leave one company for another, you should always roll your 401(k) from your former employer into an IRA (Individual Retirement Account). If it’s a traditional IRA, you roll it to a traditional IRA. If it’s a Roth IRA, you roll it to a Roth IRA. You would choose your own mutual funds, and you would manage your own accounts, with the help of a financial advisor of your choosing.

When it comes to selecting a financial advisor, always make sure you find someone with the heart of a teacher. A good financial advisor will help you make informed decisions about your money, and they will explain all aspects of your investments until you fully understand everything. A quality advisor will never encourage you to invest in something you don’t understand.

Look for someone with the ability to assess your overall retirement picture, too. Your advisor should be able to explain the big picture and provide a comprehensive, easy-to-understand strategy for achieving your retirement goals.

 

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