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Consider retirement plan when leaving job

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Conville, Bobby 2014.jpg

When you leave a job — whether due to layoff or for any reason — you are often faced with a decision about your 401(k) or other retirement plans. Over time, you may be in the same position as many other employees who have accumulated substantial balances in these employer plans that are designed for tax-advantaged retirement savings.

If so, you may find yourself having to make a decision about whether to keep your 401(k) funds with your former employer, roll them over to an IRA, or pay the taxes and cash out.

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