Employment transitions can be energizing and nerve-wracking. There’s a lot to consider when moving to a new job, starting a small business, going self-employed, or continuing to work while in retirement. No matter the circumstances, it is possible to continue saving for your goals.

Keep saving for your future.

Questions? Call us at 1-800-332-6161

Leaving a job

When moving on from a current job and starting a new one, you have options. Here are a few things to consider when making the transition.

Your old retirement savings plan

When changing jobs, you have four options for your previous employer’s 401(k) or 403(b):

  • Stay in your plan
  • Roll over to your new employer’s plan
  • Roll over to an IRA

  • Cash out


Update Information

If you currently invest with us, be sure to update your information to include any change in address, beneficiaries, or employment.

Starting a small business or going self-employed

Striking out on your own is a big decision and one that can bring a lot of satisfaction. Planning for your future becomes even more important when taking this step. We offer several options to help you and your employees save for retirement.


For self-employed individuals.


For self-employed individuals and business with less than 100 employees.

Individual 401(k) Plan

For self-employed individuals and their working spouses.

401(k) for Small Business

For small business owners and their employees.

Working in retirement

For a variety of reasons, many people opt to continue working once in retirement. Here are a few things to consider if you are thinking about taking this step.

Retirement accounts*

With a regular source of income, you can continue contributing to your existing retirement savings accounts. Just keep in mind:

Social Security

By continuing to work, you might be able to delay taking monthly Social Security benefits. Just keep in mind:

  • Most people will be entitled to their full Social Security benefit at age 66 or 67. You may choose to take your benefit as early as age 62; however, your benefit payment will be permanently reduced. 
  • Your Social Security benefit amount increases each year you delay taking them until age 70.
Tax implications**

Continuing to work could push you into a higher tax bracket. Just keep in mind:

  • Knowing how close your current income level is to the next tax bracket can help.
  • If you need more income or have to take distributions from an IRA, consider withdrawing from after-tax accounts to make up the difference.

All investments are subject to market risk, including the possible loss of principal.

An IRA should be considered a long-term investment. IRAs generally have expenses and account fees, which may impact the value of the account. Nonqualified withdrawals may be subject to taxes and penalties. Maximum contributions are subject to eligibility requirements. For more detailed information about taxes, consult IRS Publication 590 or a tax advisor regarding personal circumstances.

Consider all available options, which include remaining with your current retirement plan, rolling over into a new employer's plan or IRA, or cashing out the account value. When deciding between an employer-sponsored plan and IRA, there may be important differences to consider - such as range of investment options, fees and expenses, availability of services, and distribution rules including differences in applicable taxes and penalties.

This material is provided for general and educational purposes only, and is not intended to provide legal, tax or investment advice. This material does not provide fiduciary recommendations concerning investments or investment management; it is not individualized to the needs of any specific benefit plan or retirement investor, nor is it directed to any recipient in connection with a specific investment or investment management decision.

T. Rowe Price, including T. Rowe Price Group, Inc., and its affiliates and its associates do not provide legal or tax advice. Any tax-related discussion on this website is not intended to be used, and cannot be used, for the purpose of (i) avoiding any tax penalties or (ii) promoting, marketing, or recommending to any other party any transaction or matter addressed herein. Please consult your independent legal counsel and/or professional tax advisor regarding any legal or tax issues.