Maybe you’re voluntarily taking a break from working. Or your break could be not-so-voluntary. Whatever the reasons you’re not working right now, your retirement account should still be on the job. You can keep your retirement assets working for you by staying in your former employer’s plan or moving your assets to an IRAIndividual Retirement Accounts (or IRAs) are set up and owned directly by you. Tax benefits, contribution limits, and distribution rules vary by age and type of IRA. These include both Traditional (where taxes are deferred until the money is withdrawn) and Roth (where taxes are taken out up front).. You can also choose to cash out your plan, but that may not be the best decision in the long run.
