(CNBC) — During the excitement that comes with taking a new job, make sure you don't forget about the retirement money you socked away in your former employer's 401(k) plan.
"People in their working years tend to switch jobs a lot and can lose touch with their [accounts]," said Kristi Sullivan, a certified financial planner and owner of Sullivan Financial Planning. "That can get messy after several job changes."
Although leaving the money in the legacy 401(k) might be possible, there are three other options for your nest egg: Move it to your new employer's plan if permitted, move it to an individual retirement account, or cash it out and pay a penalty. Additionally, if you have company stock in your 401(k) plan, separate rules apply.
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