Of course as a 20 or 30-something, you might figure you’ve got decades to get your act together and organize all your accounts. But putting off this chore can cost you big time. In fact, if you have a small account, your need to make a decision might be more urgent than for mid career folks. That’s because if you have $5,000 or less in your 401(k) when you leave a company and don’t say what you want to do with the money, your old employer can legally close your 401(k) account and park the cash in a money market account in an IRA with high fees that could eat up what you’ve already saved.
Source: Samantha Sharf, Forbes