If you're facing a job change or you've lost your job and are wondering what to do with the money in your 401(k) account, there are generally four options:

» In most cases you can leave the money with your former employer. You can't make additional contributions but the assets will gain or lose value depending on market activity. Advisers at Charles Schwab Corp. say many people who do this tend to forget about the account, which isn't good. You should monitor it and rebalance the stock and bond allocations occasionally.

» Roll it over directly into your new employer's plan. It's best to do a direct rollover from one plan administrator to another to avoid penalties. The people overseeing your 401(k) at your workplace should be able to tell you how to do this.

» Roll the money over into an Individual Retirement Account, or IRA. Many advisers prefer this option because it gives you more control over your money and more flexible investment options. You can invest it in several different ways, including certificates of deposit, mutual funds or a combination of stocks and bonds.

» Cash out the account. Your employer must by law take 20 percent in taxes off the top. If you're under 59½ you'll also be assessed a 10 percent early withdrawal penalty. And if you're in a tax bracket above 20 percent, you'll still owe more taxes. This is an option that should be very thoroughly considered before doing it.

Source » The Associated Press