Media Videos What to Do With a 401(k) Plan From a Previous Employer? Video Text My name is Michael Gissas. Many of my clients ask what to do with their old 401(k). You may have had many jobs before settling on your career. Chances are you put money away into a 401(k). If you are no longer employed with a company, you have options with what to do with that money. Some are options are tax free to you and others are not. Let’s take a look:The tax deferred option: You can leave your money in the current plan. The next option would be to move it to your current employers 401(k) plan. The third option would be to move your money to an Individual Retirement Account or (IRA) or add it to your existing IRA. We like this option because it gives you the most flexibility with your moneyLet’s take a look at the taxable option. You can withdrawal all funds and close the account. Taxes will be owed on all the money withdrawn and a 10% penalty will be incurred if you are under 59 ½. The next option would be to pay the taxes on your account and convert it to a tax-free Roth IRA. This will allow your account to grow tax free – and when withdrawals are taken- those would also be tax free.I have helped many of investors get their Individual Retirement Account opened and working the way they want it. Whatever your decisions, we can help get your retirement savings working for you. Give us a call or today or email, we are here to assist you.