“I have an old 401(k) from a previous job. What are my options?”

You generally have four, and none of them expire quickly — so you have time to choose rather than rush.

One: leave it where it is. Often allowed if the balance is above a threshold, and sometimes perfectly fine.

Two: roll it into your new employer's plan. Keeps everything in one place.

Three: roll it into an IRA. An individual account you control, with typically broader investment choices.

Four: cash it out. This one has real costs — taxes and possibly penalties — and is the option most worth slowing down on.

The honest answer to "which one?" depends on the fees in each account, the investment options, and how much you value simplicity. One practical caution: if you do roll it over, ask for a *direct* rollover, where the money moves institution-to-institution without touching your hands — it avoids a common and expensive tax pitfall.