Jill on Money with Jill Schlesinger Job Change With No 401(k)
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Jul 24, 2025 Explore the impact of AI on jobs in finance and media, as experts discuss its limitations compared to human experience. Learn how to navigate 401(k) transitions during a job change and weigh the pros and cons of lump sum versus monthly pension payouts. Gain insights into retirement strategies, from life insurance to Social Security claims, and discover effective saving methods. The importance of timing withdrawals and maximizing contributions is emphasized, making financial planning feel empowering and accessible.
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Choose Pension Lump Sum or Monthly
- When deciding on a pension lump sum versus monthly benefit, consider if you can live on the monthly income comfortably.
- Taking the monthly pension can provide peace of mind and consistent income if it meets your needs.
3 Options for 401(k) Without New Plan
- When your new employer has no 401k, you have three options for your old plan.
- Keep it where it is, roll it over into a new 401k if possible, or roll it into an IRA at a major firm.
Evaluate Keeping Life Insurance Policy
- Consider surrendering a universal life insurance policy if you have other assets and don't need it.
- Investing the surrender value might provide better returns, especially if you're uncertain about living beyond the policy end age.