This could be the start of something great
A new job is something to get excited about. But it can also come with a lot of questions. Fortunately, helpful information can be easy to find.
Ready to take the next step?
Evaluating your job offer
Take a good look at your total benefits package — not just your salary — before you accept any job offer.
Managing benefits when changing jobs
What will you do with the money in your prior employer’s retirement savings plan and what will happen with your health insurance?
Insurance protection: life, health and disability
These can be great added benefits, but beware relying entirely on your employer to protect yourself and your family.
Topics and resources
|If you save||And assuming you earn||In 10 years you’ll have||In 20 years you’ll have||In 30 years you’ll have|
|$100 per month||6% annually||$16,766||$46,791||$100,562|
|If you contribute $200 a
month starting at age
|At age 65, you could
end up with
|A difference of|
The bottom line
- Roll the funds into your new retirement plan or your own IRA.
- This option helps ensure that you can manage all of your savings through one consolidated account. It can also be an opportunity to make a change if you aren’t happy with the choice or performance of your old plan’s investment options.
- Leave the funds in your prior employer’s plan.
- If you leave your savings in your old plan, you won’t be able to make any new contributions. And if you also enroll in your new company’s plan, you’ll have more than one account to manage. But if your former employer’s plan offered better funds than your new employer’s, you may want to consider leaving your money right where it is.
- Take a lump-sum payment.
- Beware: You’ll end up paying income tax at current rates on the withdrawal, plus a mandatory 10% penalty (if you’re under age 59) if you choose this option. That can make taking a lump-sum distribution a costly proposition.
Take the next step
The bottom line
Life insurance contains exclusions, limitations, and terms for keeping it in force. For costs and complete details contact a financial professional.
This information is provided for informational purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Please be advised that this document is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. The tax information was written to support the promotion or marketing of the transaction(s) or matter(s) addressed and you should seek advice based on your particular circumstances from an independent tax advisor.
AXA Equitable Life Insurance Company (New York, NY) issues life insurance and annuity products. Securities offered through AXA Advisors, LLC, member FINRA, SIPC. AXA Equitable Life Insurance Company and AXA Advisors are affiliated and do not provide tax or legal advice.