Rolling over 401K into IRA

TOLEDO, Ohio (WUPW) - This week's money market question comes from Becky.

"My company isn't contributing to my 401K anymore," she said. "Should I just move the money to an IRA? What are the pros and cons?"

Becky, first things, first. You have to ask your company if you are allowed to rollover 401K money into an Individual Retirement Account (IRA). There are some companies that won't permit the transfer, if you still work there.

Now if you get approval, it is a good idea to take action.

You'll be able to make your own decisions about your money with a self-directed IRA.

You can choose your investment company and the types of investments you'd like to participate in, such as a mutual fund or an account that has a variety of stocks, bonds and other investments.

You can also choose whether to get a full service account which will help you with guidance, or you can do your own research and cut costs which affect your bottom line.

Other investment options could include a fixed annuity, which is safer and will give you a modest return. Or how about a CD? A Certificate of Deposit is issued by a bank.