Most companies will allow you to roll an old 401(k) into the new one. So, if you’re switching jobs and your new employer offers a 401(k) plan, this is something to consider—especially if the investment options in the new 401(k) are better than your old one and if you want to keep all of your money together in one place.
You can also move the money into an IRA (Individual Retirement Fund). You can do this whether or not you’re employed—you’ll own the account, not an employer That being said, you should be aware that the yearly contribution limits for an IRA are significantly lower than a 401(k), so you may not be able to save up as much money. Similarly, if you’re moving from a traditional 401(k) to a Roth IRA, you’ll need to pay taxes on the money when you deposit it, meaning you’ll deposit less.