JJ from NY wrote in;
 
Q.  John, I have money sitting in a few different 401(k)'s from prior jobs, I hate getting buried in the statements. I really don't feel like I have the time to monitor them. Do I have any options or am I stuck leaving everything as it is?

A.  This is a great question and one I hear quite often. There are four basic options; I will attempt to give you a summary of each. Please note this is only a summary, if this situation applies to you, I encourage you to call our office so we can speak about your situation in depth BEFORE you make any moves.

1. Cash out and take the money in cash - BEWARE, you WILL MOST LIKELY be subject to taxes and penalties.
   
2. Leave it where it is - you can always leave it alone. You should receive regular statements and you will have to monitor your portfolio. Typically, once you leave a place of employment, the person responsible for helping you with your plan will no longer be available to you for guidance. You are always welcome to call us and we can help.
   
3. Transfer it into your new plan - there are advantages and disadvantages to this option. To keep it brief, you have limited investment options but you can borrow against a larger value (up to 50K) if you roll into your current plan.
   
4. Set up a traditional IRA and transfer your old plan into it. Be careful to use the word "transfer" not "rollover". This can save you from potential tax headaches. This is often the most popular option because the control is the greatest. You can usually transfer monies in to a company sponsored plan at a later date, if loan access becomes an issue in the future.
   Most importantly, please remember that this is a situation where doing your homework BEFORE making a move can really pay off. Please feel free to call the office and we will happily help you review these options in depth and, if needed, contact your tax advisor for further guidance.