What to Do With Your Former Employer's 401(k)

You have several options, each with pros and cons.

- Emma Patch

IN NOVEMBER 2021, 4.5 MILLION American workers voluntarily left their jobs, setting the record for the most departures in a single month. Since then, the so-called Great Resignation has yet to show signs of slowing. Another 4.5 million people quit their jobs in March, and another 4.4 million quit in April, according to the Bureau of Labor Statistics. And some believe the Great Resignation isn't a temporary phenomenon but a permanent change. Job turnover is 20% higher in the remote and hybrid-working world, and it's is likely to stay that way, according to Gartner, a technology-research firm.

If you recently left (or are planning to leave) a job with a company that provided a 401(k) plan, you have several options.