Is your Retirement Plan Out of Sight Out of Mind?


If you’re like most people, you’ve changed jobs throughout the years. Once, twice, maybe more. That means you could potentially have several different retirement accounts from those jobs. It may feel daunting to think about what to do with them — easier to leave them alone, out of sight, out of mind.  But taking that approach may not be the best thing to do when planning for retirement.

Your old retirement plan balances can be an important part of your overall retirement savings and you have several options to consider: 

  • Move them into your current retirement plan
  • Move them to an Individual Retirement Account (IRA)
  • Leave them where they are
  • Take a cash distribution (may come with substantial penalties)

So how do you know which option makes the most sense for you? While it may be tempting to cash out the money you’ve saved in your old retirement plan balances, that may not be your best option. There are significant tax ramifications to consider. And, depending on your age, you could be subject to an IRS penalty for withdrawing your money too early. 

Leaving the money where it is or moving it to an Individual Retirement Account (IRA) are certainly solid options. In either case, your money will continue to have the potential to compound and grow on a tax-deferred basis. 

Many people choose to move their money into their current employer’s plan, simply for the convenience of being able to track and manage all of their retirement savings in one place.

Whatever option you choose, it’s important to think ahead and understand the pros and cons of any actions you take.

This material was prepared by LPL Financial, LLC. The information provided is not intended to be the primary basis for your investment decision. This material is for educational and informational purposes only and is not intended for ERISA, tax, legal or investment advice. If you are seeking investment advice specific to your needs, such advice services must be detailed on your own separate from this educational material. 

We’re here to help you create confidence that you’re on track to realize your financial goals and aspirations.

Learn more about how Alliance Retirement and Investment Services can help!


** Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Emory Alliance Credit Union and Alliance Retirement & Investment Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Alliance Retirement & Investment Services and may also be employees of Emory Alliance Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, Emory Alliance Credit Union or Alliance Retirement & Investment Services. Securities and insurance offered through LPL or its affiliates are:

Not Insured by NCUA or Any Other Government Agency | Not Credit Union Guaranteed
Not Credit Union Deposits or Obligations | May Lose Value


The credit union are not registered brokers/dealers and are not affiliated with LPL Financial.
The LPL Financial representative associated with this website may discuss and/or transact security business only with the residents of the following states: AL, AZ, GA, FL, OH, SC, NC, NJ, NY and TX.



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