Few life events are more stressful than a job loss.If you or someone you know is in this situation due to COVID-19, you’ll likely have several questions about job hunting, unemployment insurance, and health care. You may also be wondering, “What should I do with my 401(k)?”People leaving an employer typically have four options with their 401(k) retirement plan, but it’s not an all-or-nothing decision. Depending on your situation, it may be possible to engage in a combination of these options:Leave the money in your former employer’s plan, if permittedRoll the assets over to your new employer’s plan, if one is available and rollovers are permittedRoll the assets into an Individual Retirement Account (IRA)Cash out the account valueEach choice offers advantages and disadvantages. If you are uncertain what action to take with your retirement accounts, please reach out. Over the years, we’ve found the best financial decisions are the ones that consider all available options.You also may have heard that the CARES Act waives the 10% early withdrawal penalties on 401(k) plans, giving some account owners up to three years to replace what they took out. Remember, this new legislation may not cover loans unrelated to the COVID-19 crisis.If you have questions about what rules apply, you may want to get in touch with your former employer’s human resource team. As always, I am here to help, too.Information in this material is for general information only and not intended as investment, tax or legal advice. Please consult the appropriate professionals for specific information regarding your individual situation prior to making any financial decision. Find yourself in a similar situation? We can help you! Name Email Address Phone Question Thank you! Oops!