Somerset County retirement planning attorneys are always going to emphasize the importance of working within a framework that leads to a comfortable future. The financial decisions that you make along the way are going to have a lot to do with your ultimate destination.
If you go forward without sticking to any type of plan you may find yourself unable to retire at all, and this is certainly an unpleasant prospect for most people.
Contributing into the 401(k) plan at your place of employment is going to be part of the plan. If your employer offers to match your contributions all the better. It is advisable to contribute at least as much as the employer is willing to match to take full advantage of this opportunity.
It may not be the most pleasant prospect to consider, but if you were to lose your job you would have to make decisions with regard to what you would like to do with your 401(k). One option would be to do nothing and keep the 401(k), though there could be added costs involved and you may find it to be difficult to service the account.
If you choose to do so you could cash it out, but if you are under 59 1/2 you would have to pay a 20% tax and a 10% penalty.
The third option would be to roll it over into an individual retirement account or the 401(k) plan that is offered by your new employer if you were to get a job that offered such a plan in a timely manner.
Being ready, willing, and able to adapt to changing circumstances is part of the formula for success. The best way of revising your plan in light of things like a job change would be to sit down and discuss the proper course of action with a licensed and experienced central New Jersey retirement planning lawyer.