From Target to Amazon, layoffs are making headlines this year.
After losing a job, workers can forget to manage one of their biggest assets, their 401(k).
Financial planner Kyle Moore at Quarry Hill Advisors in St. Paul recommends moving an old 401(k) to a new one.
“A lot of people they go from job to job to job and they kind of leave a string of old 401(k)’s behind, which is important not to forget about them,” Moore said. “Consolidate them into their new 401(k)s. If you keep getting a new job, you should move the old 401(k)’s into the new ones.”
Moore recommends trying not to tap into your 401(k) after a job loss, because you could be hit with a penalty.
