More people, 69%, are rolling over their 401(k) savings to a new employer’s plan or an IRA when switching jobs, according to Charles Schwab’s analysis of plans between the fourth quarter of 2008 and the end of 2009.

An overwhelming majority, 80%, of those assets moved into IRAs, which offer greater investment choices, including annuities, Schwab said. Only 10% were taken in cash distributions, and a scant 8% moved into new employer plans.

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access