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The Truth About Personal Finance (Collection) by Kay S. Bell, Steve Weisman

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Truth 42. Retirement plan rollovers

Did you recently change jobs? You’re not alone. Labor statistics show that the average American switches jobs 11 times before retiring. During such a mobile career, that average worker could have enrolled in a separate retirement plan at each workplace.

The good news about all those retirement accounts you might have set up at your various jobs is that they probably are portable. Most employers today offer workers 401(k) retirement plans that you, the employee, are primarily responsible for funding. But that also means that at least part and maybe all of the account is yours to take with you when you leave a job.

You must ensure, however, that you follow the tax rules when you take your retirement ...

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