If you’ve recently switched employers or have an older 401(k) account that’s not being actively managed, you may want to consider a rollover.

Of course, you may also leave it in the existing plan or take a lump sum cash out.

This involves moving savings from one retirement plan to another.

Fortunately, rollovers can be simple and painless once you understand how it works. To help you get started, I’ll walk you through a quick overview of the process.

Before you begin your rollover, decide where you want the money to go. You can roll your money into a new employer’s 401(k) plan or an individual retirement account, better known as an IRA.

Once you know the destination of your money, you can then start your rollover.

Talk with your 401(k) plan provider and ask for any rollover paperwork you might need to complete. Then cross your t’s, dot your i’s, and make sure that everything is filled out correctly to avoid any delays in the process.

Lastly, establish how your money will be distributed.

Some institutions deposit the money directly into your new retirement account. And others will conduct an indirect deposit, where you’re sent a check to deposit yourself. If this is the case, make sure to complete the deposit within 60 days so you can avoid a taxable event or incurring penalties.

And there you have it. As I mentioned, rolling over your 401(k) doesn’t have to feel intimidating.

But if you start the process and run into roadblocks, please don’t hesitate to reach out.

We can talk through any questions you might have to make sure you feel at ease with every aspect of your retirement planning.