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When you leave a job, you generally have four choices for your old 401(k): leave it in the former employer’s plan (if allowed), move it to your new employer’s plan, roll it into an IRA, or withdraw the money. None is automatically best. Compare fees, investments, tax treatment, access rules, rollover acceptance and account administration before you authorize a transfer. The Internal Revenue Service (IRS) and Department of Labor (DOL) both treat leaving the assets where they are as an option that should be evaluated alongside a rollover.
Start with a short checklist after you leave
Do not ignore the account while deciding. A former employer’s plan can impose deadlines, move a small balance automatically or require action on an outstanding loan.
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- Confirm the account balance and tax types. Identify traditional pretax money, designated Roth money and any after-tax contributions. Keep the latest statement and the plan’s distribution notice.
- Ask the former plan administrator about its rules. Confirm whether you may keep the account, the plan’s fees, available investments, distribution provisions, small-balance policy and loan status.
- Ask the new plan whether it accepts rollovers. The receiving plan is not required to accept every rollover. Ask whether it accepts this particular type of money and whether it has special paperwork or source restrictions.
- Compare the destination before moving anything. Look at total account, investment and service expenses, investment choices, access rules and how easy each account would be to administer.
- Decide whether early access matters. If you might need money after leaving work but before age 59½, examine employer-plan exceptions before transferring assets to an IRA.
These steps prevent a forced distribution or an avoidable tax bill while you compare your choices.
Your four choices
1. Leave the money in the former employer’s plan
Keeping the account can be sensible when the plan offers low-cost investments, a useful investment menu or distribution features you want to preserve. Employer plans can also be preferable for some early-retirement access rules. You may later transfer the balance to another employer plan or an IRA if the rules permit.
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Leaving money behind does not mean the account is cost-free or permanently available. Ask for the current fee schedule, investment expenses, trading or administrative charges, distribution procedures and the exact balance threshold for a mandatory move. If the plan requires action, the administrator should explain the election deadline and where an automatic transfer or payment would go.
2. Roll it into the new employer’s plan
A new plan can consolidate your retirement savings and keep the money under employer-plan rules. Consolidation may make beneficiary records, statements and future withdrawals easier to manage. The new plan must, however, accept the rollover. It may accept traditional 401(k) money but not every Roth or after-tax source, or it may impose its own documentation requirements.
Obtain the new plan’s summary of fees, investment lineup and distribution provisions before initiating the transfer. Compare those terms with the former plan rather than assuming the newer plan is cheaper or offers better investments. The IRS specifically recommends comparing investment choices and fees and considering consolidation.
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3. Roll it into an IRA
An IRA can provide a broad range of investments and may let you consolidate several retirement accounts. Its actual costs depend on the provider, investments and services you select, so compare those costs with both employer plans. An IRA may also have different distribution and access rules.
A traditional-plan rollover to a traditional IRA is generally tax-deferred when completed correctly. Moving untaxed traditional-plan money to a Roth IRA is a Roth conversion, not a tax-free rollover: the untaxed amount is generally included in income for the conversion year. The IRS termination-of-employment guidance explains this distinction.
4. Withdraw the money
Cashing out provides immediate funds but can permanently reduce retirement savings. Untaxed amounts that are not rolled over generally count as taxable income for the year. A 10% additional tax can apply before age 59½ unless an exception applies. A payment of an eligible taxable distribution directly to you generally has 20% federal withholding; that withholding is a prepayment and may not equal your final tax bill. The IRS describes these consequences in its termination guidance and rollover guidance.
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Compare the old plan, new plan and IRA
Write down the answers before choosing a destination. A rollover recommendation should account for alternatives, fees, expenses, investments and conflicts of interest, as the DOL explains in its guidance on choosing an investment adviser.
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|---|---|
| Fees and expenses | What are the account, fund, recordkeeping, advisory and service costs in each option? |
| Investment choices | Which plan or IRA offers investments that fit your allocation, and what does each investment cost? |
| Rollover acceptance | Will the new plan accept this exact balance, including traditional, Roth and after-tax sources? |
| Access and distributions | How and when can you take money out, and could separation timing affect an exception? |
| Tax treatment | Will any transaction convert untaxed money to Roth or otherwise create current income? |
| Administration | Would consolidation reduce lost accounts, duplicate beneficiaries and paperwork? |
| Loan or small balance | Could an unpaid loan be offset, or could the plan move or pay out the account automatically? |
How a rollover works
Direct rollover: the cleaner route
In a direct rollover, the former plan sends the eligible money directly to the new employer plan or IRA. The IRS says mandatory withholding does not apply to the amount transferred directly. A check made payable to the receiving institution for your benefit is generally treated differently from a check payable to you; follow the receiving institution’s exact instructions.
- Ask the destination plan or IRA provider for its rollover instructions and mailing address.
- Contact the former plan and request a direct rollover, specifying the receiving account and the tax source to be transferred.
- Verify whether separate checks or forms are required for traditional and Roth money.
- Track the transfer until the destination shows the full expected amount. Keep confirmations and statements.
Payment to you: the 60-day process
If an eligible distribution is paid to you, you generally have 60 days from receipt to deposit the eligible amount into an accepting plan or IRA. The plan generally withholds 20% of an eligible taxable rollover distribution paid to you. To roll over the entire gross distribution, you must replace the withheld amount with other funds and deposit the full amount by the deadline. If you roll over only what you received, the withheld portion is generally treated as distributed.
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Not every payment can be rolled over. IRS examples of ineligible payments include required minimum distributions, hardship distributions, certain corrective distributions and certain periodic payments. Confirm eligibility before accepting a check. See IRS Topic 413 and the IRS rollover explanation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Special situations that can change the answer
Leaving work at 55 or later
Certain payments from a qualified employer plan can qualify for the separation-from-service age-55 exception when the separation occurs during or after the calendar year you reach age 55. The exception does not apply to IRA distributions. If you may need plan money before age 59½, evaluate this access consequence before moving the balance to an IRA. The rule and its qualifications appear in IRS Internal Revenue Bulletin 2026-06.
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A rollover from pretax plan money to a Roth IRA generally creates ordinary income to the extent the amount has not already been taxed. Treat the transaction as a tax decision: estimate the additional income, consider withholding or estimated payments and confirm the amount that will be converted. A conversion can be appropriate for some taxpayers but is not the same as preserving tax deferral in a traditional account.
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Small balances
If you make no election, a plan may automatically place a former employee’s balance between $1,000 and $5,000 in an IRA. For a balance of $1,000 or less, the plan may generally pay the account out without your consent, with applicable withholding. Exact treatment depends on the plan document and current rules, so ask the administrator for the threshold, timing and destination before the account is moved. The relevant thresholds are described by the IRS.
An outstanding 401(k) loan
When employment ends, the plan may require repayment or offset the unpaid loan balance. A qualified plan loan offset connected with severance from employment or plan termination may generally be rolled over by the due date, including extensions, for the federal tax return for the year of the offset. Other loan offsets may have a 60-day rollover period. Ask the administrator to identify the offset type, amount, date and deadline. Review the IRS plan-loan-offset guidance and IRS loan guidance before acting.
A practical decision sequence
Favor the old plan when
- Its total costs are lower than the available alternatives.
- Its investment menu or distribution features are materially better for your needs.
- You may rely on an employer-plan access exception and do not want to place the money in an IRA.
Favor the new plan when
- It accepts your balance and offers competitive fees and investments.
- You want one employer account for future contributions and easier administration.
- Keeping assets in an employer plan supports the access or distribution rules you expect to use.
Favor an IRA when
- You need investments or account features unavailable in either employer plan.
- You can verify that the IRA’s fund, account and advice costs are competitive.
- Consolidating several retirement accounts will materially simplify your records.
Consider a withdrawal only after measuring the cost
List the amount you would receive after withholding and estimated taxes, then compare it with the retirement savings you would give up. Check whether an exception to the additional tax applies and whether a direct rollover could meet your need without creating current income. If you still need cash, confirm the distribution’s eligibility, withholding and deadline in writing.
Execution and record-keeping checklist
- Save statements showing the balance and each tax source immediately before the transfer.
- Obtain written rollover instructions from the receiving plan or IRA, including check-payee language.
- Request a direct rollover whenever your goal is to preserve tax deferral and the destination accepts the money.
- Confirm that the destination received the transfer and that traditional and Roth amounts were credited correctly.
- Keep the old plan’s final statement, the destination confirmation and any loan-offset or distribution notices with your tax records.
- Review beneficiaries in the destination account; a rollover does not guarantee that old beneficiary elections transfer.
Plan documents control the transaction details, and federal and state tax results can differ with your circumstances. Verify eligibility and deadlines with both plan administrators and, when the transaction is substantial or involves a loan offset or Roth conversion, a qualified tax professional.
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