I’ve been laid off. What should I do about my 401(k) plan?

Your retirement is the one part of your financial picture that you can put off making decisions about right away.

That’s because many employers will allow you to leave a 401(k) account at your former workplace, if it’s above a minimum amount.

Your other options include rolling the money over to your next employer’s 401(k) plan or transferring it to an Individual Retirement Account.

The IRA’s a great choice if you can find one with low fees and plenty of diversified investment options.

You’ll have to set up the new account, then return to your old employer and fill out the paperwork to release the money. This isn’t as easy as an IRA-to-IRA rollover. But a direct transfer – without the money going through your hands – is the best way to make sure your transfer doesn’t run the risk of looking like a withdrawal to the IRS. That could cost you plenty in taxes and possible penalties.