What happens to my retirement account if I change jobs?

When an individual changes jobs, the options for their retirement account may vary based on the type of account they have and the policies of their current and former employer. In general, there are a few common actions one can take regarding their retirement account. One option is to leave the retirement account with the former employer. This can allow the individual to maintain their investments and potentially grow their retirement savings, though it may come with limitations on contributions and withdrawals. Another option is to roll over the retirement account into the new employer's plan, provided the new employer offers a retirement plan and accepts rollovers. This can simplify management of retirement funds by consolidating accounts. Individuals may also choose to roll over their retirement account into an Individual Retirement Account, also known as an IRA. This option can provide more investment choices and flexibility. Lastly, while cashing out the account is an option, it is generally not recommended due to taxes and early withdrawal penalties. For more information about options and specific details, one may find it helpful to visit the official website of NY Life Retirement Services for guidance tailored to their situation.