What happens to my retirement account if I change jobs?

If you change jobs, you have a few options for your retirement account. Firstly, you can choose to leave your funds within your current employer's retirement plan. However, this may limit your ability to actively manage your investments. Alternatively, you can roll over the funds into an Individual Retirement Account (IRA), maintaining the tax advantages and providing greater control over your investments. Another option is to transfer the funds to your new employer's retirement plan, if permissible. Some individuals may also decide to cash out their retirement account. However, this could result in taxes and penalties, so it is generally not recommended unless absolutely necessary. It is important to consider the specific features of each option and consult with a financial professional to determine the best course of action for your circumstances.