Our daily roundup of retirement news your clients may be thinking about.
This may be the biggest financial mistake millennials are making Younger workers should avoid the mistake of cashing out their 401(k) assets when leaving their jobs, according to this opinion article on MarketWatch. Instead, they should roll over the funds to their new employer's retirement plan or an IRA. Cashing out the funds could trigger income taxes that could reduce the value of the assets, which they can avoid if they transfer the funds directly to a 401(k) plan or IRA. A Roth IRA is another savings vehicle to consider, as it provides tax-free growth on investment and boosts their after-tax income in retirement.
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