10 Ways Your 401(k) Can Fail You

10. Rollover needs

A sad fact of modern life is that people seldom stay with one employer for their entire career. That also means no single 401(k) plan, tied as they are to your workplace, will stick with you for life.

The temptation, for many -- upon quitting, being laid off or fired -- is to just cash out and suffer penalties and taxes for some quick money. Others will procrastinate and leave behind an orphaned plan that lacks fresh contributions and needed oversight.

The best strategy is to roll over that new account into one of the many flavors of IRAs or a new employer-sponsored account. Before taking any step, make sure your rollover plan is ready to roll (some employers may be slow to release funds) and investigate restrictions and fees you may face with your new strategy.