This article was contributed by Ross Allen, Associate Wealth Advisor.
“Where do you see yourself in five years?” Chances are, you have been asked this at least once during a job interview, and the question is more relevant now than ever before. While not a certainty, the possibility of changing jobs at least once during a career has significantly grown over time. According to the Bureau of Labor Statistics, by January 2020, the median number of years that wage and salary workers stayed at one job was 4.1 years.
In 2021 we saw the Great Resignation, with many people striving for a greater work/life balance and a slew of pandemic-related employment changes. Add to that fact, most companies no longer offer a pension to employees to encourage tenure. Whatever the reason, people are spending less time than ever at one employer, which means there are more decisions to be made about what to do with a retirement account due to a change in employers, and ultimately retirement.
The good news is you have multiple options for what to do with your retirement savings when you leave an employer. These options include keeping the account right where it is, rolling it over to an Individual Retirement Account (IRA), or moving the account over to your new employer’s retirement plan (if applicable). Each option has its own benefits, and Pathfinder Wealth Consulting is here to help you make the best decision for your unique situation.
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