Investing in your 401(k) is a fundamental part of retiring for many Americans.
The accounts are created by employers and allow employees to invest a pretax portion of their wages for retirement.
But what if you want to leave the job that originally set up your 401(k)?
You have a few options, and cashing out should be a last resort, according to financial expert and radio show host Chris Hogan.
“The only time you really want to touch your 401(k) is to prevent bankruptcy or foreclosure,” Hogan said.
Pulling money out of your retirement accounts in most other situations prevents you from taking advantage of upswings in the market, Hogan said.
Check out this video to learn the four moves Hogan recommends everyone should make to protect their 401(k).
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Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.
