A rollover is when you move money from one retirement account to another without triggering taxes or penalties. The most common scenario is rolling your 401(k) into an IRA when you leave a job, but you can also roll old 401(k)s into a new employer's plan or consolidate multiple IRAs.

There are two types: a direct rollover (the money moves directly between financial institutions, which is cleaner and safer) and an indirect rollover (the check comes to you, and you have 60 days to deposit it into another retirement account). Always choose direct if possible—with indirect rollovers, your old plan withholds 20% for taxes, and you need to replace that from your own pocket to avoid taxes and penalties. Rollovers give you control and flexibility. You might roll over to access better investment options, lower fees, simplify your finances by consolidating accounts, or gain access to financial advice. When you change jobs, don't just abandon your old 401(k)—a rollover lets you keep your retirement savings working strategically for your future.