401k Calculator & Guide
Changing jobs doesn't mean you lose your 401(k). Your old retirement account may stay with your former employer, move to your new employer's plan, roll into an IRA, or be distributed to you. Understand your options before choosing what happens to your savings.
The money you contributed to your 401(k) generally remains yours when you leave an employer. Employer contributions may be subject to a vesting schedule. Your former employer's plan rules determine which distribution and rollover options are available to you.
You may be able to keep the account invested in the old plan. This can make sense if its investments, fees, and services are competitive. Smaller balances may be subject to mandatory distribution or rollover procedures under plan rules.
If the new plan accepts incoming rollovers, you may be able to consolidate retirement savings. Compare investment options, expenses, distribution rules, and whether the plan accepts the type of money being transferred.
An eligible rollover to a traditional IRA can preserve tax deferral and may offer a broader investment selection. Compare account fees, services, creditor protections, and withdrawal rules before transferring.
You may be able to take a lump-sum distribution, but taxable amounts are generally included in income. An additional 10% federal tax may apply to taxable early distributions unless an exception covers the payment.
Related guides: 401(k) after leaving a job, 401(k) plan fees, and IRA basics.
| Option | Potential benefit | What to check |
|---|---|---|
| Keep old plan | May retain familiar investments and existing plan features. | Fees, available investments, account minimums, and future access. |
| New employer plan | Can consolidate workplace retirement savings. | Whether rollovers are accepted, plan costs, investment options, and rules. |
| Traditional IRA | May offer broad investment choices and consolidated account management. | Investment and account fees, creditor protections, and RMD implications. |
| Cash distribution | Provides access to money now. | Income tax, potential early-distribution tax, and loss of future retirement growth. |
A rollover moves eligible retirement money from one account or plan to another. A properly completed eligible rollover to a traditional IRA or another eligible employer plan generally preserves tax deferral. A rollover to a Roth IRA can create taxable income on previously untaxed amounts.
The old plan transfers the eligible funds directly to the receiving retirement plan or IRA. This generally avoids the mandatory 20% withholding that applies to eligible rollover distributions paid to you.
The distribution is paid to you first. You generally have 60 days to deposit eligible rollover funds into another eligible account. Employer-plan distributions paid to you are generally subject to 20% federal withholding, so replacing the withheld amount may be necessary to roll over the full eligible amount.
Moving pre-tax 401(k) money to a Roth IRA is generally a taxable Roth conversion, not a tax-free rollover. The amount included in income may increase your tax bill for that year. Evaluate the potential benefits and costs before converting.
Official guidance: IRS: Retirement plan options after termination of employment and IRS: Rollovers from retirement plans.
Your account balance and your vested balance may not be the same. Your own salary deferrals are generally always fully vested. Employer matching or profit-sharing contributions may vest over time under the plan's rules.
Your own contributions to the 401(k), including their investment gains or losses, generally belong to you when you leave.
Matching and other employer contributions may be subject to a vesting schedule. The unvested portion may be forfeited when you leave, depending on the plan.
Ask the administrator to confirm your vested balance, any pending employer contributions, and the date on which the plan calculates vesting.
Learn more: 401(k) employer contributions and vesting.
If you borrowed from your former employer's plan, changing jobs may affect repayment. Your plan may require repayment after employment ends. If the unpaid balance is treated as a taxable loan offset or deemed distribution, you could face income tax and possibly an additional tax.
Some qualified plan loan offsets may be eligible for rollover by the due date, including extensions, of your federal income tax return for the year of the offset. The specific treatment depends on the circumstances, so contact your plan administrator promptly.
Read our full guide: 401(k) loan vs. withdrawal.
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No. Your own contributions and vested retirement savings generally remain yours. Employer contributions that have not vested may be forfeited under the plan's rules. You will need to decide whether to keep the account, roll it over, or take an eligible distribution.
It can be convenient if the new plan accepts rollovers and offers suitable investments, fees, and features. Compare the new and old plans before transferring money; an IRA may also be an option.
An eligible rollover to a traditional IRA or another eligible employer plan generally preserves tax deferral when completed correctly. A rollover of pre-tax money to a Roth IRA generally creates taxable income on the amount converted.
Often, if your balance and the plan's rules allow it. Smaller balances may be subject to plan distribution procedures. Ask the administrator what applies to your account and review the plan's ongoing fees and investment options.
Previously untaxed amounts are generally included in taxable income. If you are under age 59½, an additional 10% federal tax may apply unless an exception covers the distribution. Cashing out also removes the distributed money from retirement savings.
When an eligible retirement distribution is paid to you, you generally have 60 days from receipt to deposit eligible rollover funds into another eligible retirement account. Special rules and waivers may apply in certain situations. A direct rollover can avoid this handling deadline for the transfer itself.
Your own contributions generally remain yours. Employer matching contributions may be subject to a vesting schedule, so you may not keep the entire employer-funded portion if you leave before becoming fully vested. Confirm the plan's terms.
Your plan may require repayment after you leave. If the balance is offset or treated as a distribution, tax consequences may follow. Contact the administrator to understand the deadline, repayment choices, and any rollover eligibility.
Continue reading: 401(k) after leaving a job, 401(k) retirement planning, and 401(k) help center.
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