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IRAs often have lower and more transparent fees than a 401, and a bigger variety of investment options can make them more personalized. If you've recently been laid off from a job with an employer-sponsored retirement account, it's time to consider making a change to your 401.offered through an employer, and funded through withdrawals from your paycheck. After you've left your employer, you won't be able to keep funding that retirement account. To keep doing so, you'll need to move the money into another type of investment account.
Leaving your old 401 at your old employer's provider won't do much to help your money grow. "By moving into an IRA, you generally have more investment options than you would with a 401. Often, 401s restrict you on what you can invest in," Glotfelty says. With more investment options, like"By switching to an IRA, a lot of times you'll find lower fees," Glotfelty says. "It's easier to figure out the fees you actually pay within an IRA.
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