What to Do With Your 401(k) When You Quit | Raleigh News

What to do with your 401(k) when you quit a job? You’ve got smart options: roll it into an IRA for more control, transfer it to your new employer’s plan if allowed, leave it with your old company if it’s a solid deal (and your balance is over $7K), or—big caution—withdraw it all, which could trigger heavy taxes and penalties unless you’re over 59½ or qualify for exceptions. And if your 401(k) holds company stock, consider the NUA strategy: take the stock out separately to pay tax only on its original cost, then sell later at lower capital gains rates. It’s complex, but could save you serious cash. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/cba39ce17ef64ee6