​Since its inception nearly 40 years ago, the 401(k) has become one of the most commonly used retirement savings vehicles. It’s popular with employers because it relieves them of the burden of funding a pension. The 401(k) plan is popular with employees because it usually offers a broad range of investment options, tax-deferred growth and employer matching contributions.
 
While a 401(k) can be a powerful retirement accumulation tool, it can also be complex to manage, especially after you’ve left your employer. Many workers leave their 401(k) balances in their former employer’s plan after they leave. They may feel that’s their best option, or they may forget about the balance altogether.
 
However, many employers have decided they aren’t going to keep former employee balances in the plan forever. Many companies have adopted a policy known as “forced rollover.” Under a forced rollover, your balance is automatically rolled out of the plan and into an IRA. Most plans only enforce this type of rollover for balances under a certain threshold.

​Retirement is your time to enjoy newfound freedom. You’re no longer committed to a work schedule. You’re in control of your time. You can travel, pursue a new hobby, enjoy time with loved ones or simply spend time enjoying your newfound freedom.
 
Of course, you may not enjoy retirement as much as you’d like if you’re worried about your financial stability. According to a recent study from Gallup, more than half of Americans are worried they won’t have enough money in retirement. In fact, retirement has been America’s top financial worry since Gallup started the survey 16 years ago.1