So, you’ve made the successful career change and now you are happily involved in a new and exciting career. Did you forget anything? How about your 401K or Employee Stock Ownership Plan (ESOP)? Do you know where it is? The time that you switch careers is also a great opportunity to take full control of your finances. You can take your retirement benefits and roll them over into another account, either at your new company or at a local bank.
Going with a local bank has many advantages. You have more control over your money. Many employers require several years to disburse the full amount of your money in ESOPs. The 401Ks may have other rules too. If you want the money somewhere where you can get to it, regardless of whether your company goes belly up or not, then you want it in a bank.