401(k)s are a popular type of retirement plan that private companies typically offer, and people who worked several different jobs in a lifetime can own more than one of these plans. People with self-employment income may also set up and make contributions into an individual 401(k) plan. The IRS does have a contribution limit for elective deferrals for combined 401(k) accounts that people should be aware of. One thing not included in this IRS limit are employer matching or non-elective contributions. Keeping old 401(k) accounts might not always be a good idea, and it is important to take into consideration your individual retirement planning goals. It is a good idea to meet with an experienced estate planning professional to get more personal advice that is suited to your individual needs.
See Can I Have 2 401(k) Plans at the Same Time?, My San Antonio, March 8, 2016.
