How many 401k’s can I have?

There is no legal limit as to how many 401k plans an individual can have at any given moment. Only a plan sponsored by your current employer can receive contributions. Many people have old plans from previous employers. Too many plans can be difficult to track. Consolidation of plans, either in an employee’s current 401k plan or an IRA can be advisable to better monitor the investments and allocations of all retirement monies. If you have multiple plans, sit down with an advisor and learn the 4 options of 401k plans held by former employers.

 

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