smart spending

7 steps to clean up financial clutter

Roll over 401(k) accounts
Next
5 of 9
Back
text

Employees who change jobs often leave a trail of retirement accounts in the care of their former employers. As those accounts proliferate, it becomes difficult to manage the investments, and if a plan is transferred to a new manager, the assets may go missing or the investment choices may be very limited.

To get rid of 401(k) clutter, roll over old accounts to your new employer's plan as soon as you're eligible to do so. If your new employer doesn't offer this benefit, roll over into an Individual Retirement Account, or IRA. Some banks will count an IRA toward a minimum balance that can earn reduced or waived fees on a checking account or other services. Rolling over an old 401(k) when you start a new job also can reduce the temptation to cash out your investments.

"My philosophy is when you leave an employer, you take what's yours with you," Rogoszinski says.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
MORTGAGE HOME EQUITY AUTO CDs CREDIT CARDS
Product Rate Change Last week
30 year fixed 4.22%  0.06 4.16%
15 year fixed 3.32%  0.08 3.24%
5/1 ARM 3.52%  0.17 3.35%
 
View Rates in your area Next
Product Rate Change Last week
30K FICO-based HELOC 4.29% --0.00 4.29%
50K FICO-based HELOC 4.04% --0.00 4.04%
100K FICO-based HELOC 3.89% --0.00 3.89%
 
View Rates in your area Next
Product Rate Change Last week
60 month used car loan 2.79% --0.00 2.79%
48 month used car loan 2.99%  0.01 2.98%
60 month new car loan 3.24% --0.00 3.24%
 
View Rates in your area Next
Product Rate Change Last week
1 Year CD 0.95% --0.00 0.95%
2 Year CD 1.16%  0.01 1.15%
5 Year CD 1.71%  0.04 1.75%
 
View Rates in your area Next
Product Rate Change Last week
Balance Transfer Cards 15.75%  0.02 15.77%
Cash Back Cards 16.45%  0.03 16.48%
Low Interest Cards 10.96% --0.00 10.96%
 
Next
advertisement
FRUGAL NEWSLETTER

Discover new ways to cut costs and save more every day. Reduce your spending, not life’s pleasures. Delivered weekly.

advertisement
Partner Center
advertisement

Connect with us