I changed jobs about 10 months ago and I'm wondering if I have to do something with it by a certain date.
You do not have to move it, although if it is under $5,000, the employer may elect to send you a check (which you should immediately deposit into your current employers 401k or into an IRA. That being said, while you do not HAVE to move it from your former employer, why would you want to elave it there? 401k's typical have fees that are higher than acquiring the same investments on your own in an IRA. It would certainly seem advisable in most situations to roll the funds out of the 401k and into an IRA.
I totally agree with David. I would recommend working with an advisor who will accept the fiduciary standard for their advice.
Hi Kenzie, generally you have the option to leave your 401k with your former employer. The investment firm that manages the old 401k would certainly like you to keep your account there, whereas other firms/advisors would certainly like you to roll your 401k account to an IRA. See how popular you are!
In general (my opinion), you'll have more beneficiary options and more investment choices (and possibly lower costs) by rolling your 401k to an IRA. In short, you'll have more control. A direct rollover is usually the least hassle method to move funds from your 401k to a rollover IRA.
But if you do want to roll over your 401k or leave it with your old employer, you're not under any time constraints. It's good you're keeping an eye on your retirement funds!