Your old 401k won?t be transferred over to your new job. You have to decide what you want to do. You can either leave it where it is, or if you prefer, roll it into a ?Rollover IRA?. This designates that the IRA came from a pre-tax source.
If you want to invest in mutual funds or ETFs, I suggest you call Vanguard (www.vanguard.com) or Fidelity (www.fidelity.com). They have rollover specialists that will guide you through all steps and also initiate the process for you. Just go to the Retirment Planning sections of the websites. They charge no fees to help with the rollover and have good investing sources and offer a very broad range of no load, low fee options.
Do not have your old work cut you a check for the balance. If you don?t deposit the amount into an IRS within a specified period of time (30 or 60 days), you pay the 10% early withdrawl penalty and also get taxed at ordinary income rates!
Source: http://rothira.solve-up.com/roth-ira/what-happens-to-your-401k-when-you-change-your-jobs/
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