LANSING, Mich. (WLNS) – The vast number of job openings coupled with the “Great Resignation” means that a lot of people are leaving their old jobs and starting new ones.

So if you’re switching from one opportunity to another what should you do with your old 401K?

“I recommend that if someone is leaving their place of employment, whether they’re changing jobs or whether they’re retiring, to do a little bit of research and they can actually open up an individual retirement account, one IRA or individual retirement account, and they can consolidate all of those 401K plans and 403B plans into one account and they can do this seamlessly without any tax implications,” said financial advisor Cheryl Underwood.

“So when they create this one individual retirement account, then a financial advisor can assist them in choosing the most suitable investments based on their objectives. And they can manage it actively for them, for our entire lifetime. Ultimately, what this does is it creates a potential for you to accumulate a nest egg that will sustain you into your retirement years,” said Underwood.