The jury is still out on whether it's best for people to keep a string of old 401(k) accounts from previous jobs or roll them into a new company plan or personal IRA. There are pros and cons to leaving your money where it is or taking it out and putting it somewhere else that is more actively managed.

Aaron Grey, managing partner at Denver Money Manager, says people should consider rolling those accounts over into an IRA because IRAs are cheaper to maintain and have more investment options.

"Every 401(k) has a fixed menu of options, 20 to 40 funds to choose from, not that they are necessarily terrible menus, but they are limited," he said. "Rolling over to a rollover IRA opens up a universe of investment options."

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