By Edward Jones

If you’re in the early stages of your working life – or even in the not-so-early ones – the chances are pretty good that you will change jobs at some point. When that happens, you’ll probably leave a few things behind – but will one of them be your 401(k)? Of course, you wouldn’t really forget about your 401(k). (It does happen, how- ever – over the period from 2004 through 2013, more than 25 million people left at least one 401(k) or similar plan behind when they left their job, according to the U.S. Government Accountability Office.) But you will have to do something with your account. Essentially, you have four choices:
• You can cash out your 401(k). It’s your money, but if you take it out before you reach 59½, you will owe federal income taxes, plus any applicable state and local taxes. Also, you will likely be charged a 10% penalty for early withdrawal. Perhaps even more important, if you liquidate your 401(k) when you change jobs, you’ll be reducing the amount you’ll have left for retirement.

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