What happens to my retirement savings if I change jobs?

If you change jobs, your retirement savings can be handled in a few different ways. One option is to leave your savings in your current employer's retirement plan. This will allow your savings to continue growing tax-deferred. Another option is to roll over your retirement savings into an Individual Retirement Account (IRA) or your new employer's retirement plan. This allows you to consolidate your savings and potentially have more control over your investment choices. However, it is important to note that cashing out your retirement savings should generally be avoided, as it may result in taxes and penalties. It is recommended to consult with a financial professional to determine the best course of action based on your specific situation.