Have you recently updated your beneficiary designations to reflect the fact that you’ve gotten a new job, or perhaps you have changed your retirement accounts to begin with? You have many different options when you leave one employer and go to another one. Rolling over 401(k) funds into your new employer’s plan may not always be the right fit that you expect, according to interviews with financial advisors. 
Other options for protecting your retirement accounts and maximizing the money inside includes selecting an in-plan Roth conversion, selecting a lump sum payout, or opening a new IRA. Someone with a retirement savings account may also choose to leave their money exactly where it is with a former employer, although certain plan administrators may impose restrictions on your ability to do this.
Many retirement savers who are changing their jobs will transfer their funds directly from the prior employer’s 401(k) into the new retirement plan, after making a simple phone call to the plan administrator. But according to financial advisors, it’s not always the best move.
No matter how you choose to remove your retirement funds or how you elect to protect them, a consultation with your estate planning attorney can also be beneficial, since you’ll want to update the beneficiary designations on your retirement accounts. These beneficiary designations are critical for determining what happens to your retirement funds if something happens to you. Set aside time to talk to your estate planning lawyer today to determine how updating your retirement funds may also lead to updating your existing estate plan.
