A layoff? Don't let your 401(k) languish: why you might want to take it with you when you go.

• Author: McCaffrey, Lori
• Position: FINANCIAL SERVICES

A layoff can throw anyone into a tail spin. But after securing your immediate job-related needs, such as reinvigorating your network, dusting off your resume, and launching your job search, many employees wonder what to do about the 401(k) and other retirement accounts they have left at their former place of business.

Here in Alaska, we have two local specialists, Lara Shogren and Jeff Strike of our investment affiliate Key Investment Services, who frequently work with clients unaware that they can move their retirement plans to another financial professional-and that there are many savvy financial reasons to do so.

Here are five reasons that Shogren and Strike shared about why you might consider moving your retirement plans:

* You will benefit from guidance. Most employees who come to us, even if they were pleased with the performance of their plan, wondered if they were getting the best value they could. Most company-sponsored retirement accounts offer a mere handful of options, and it's not unusual for many people never to have met or talked with a professional about their investment strategy. "Most people we talk to don't even know details of the overall performance of their employer-sponsored plan, compared to indexes," Strike says. A professional can help you maximize your performance with the appropriate allocations.

* You will receive a holistic review. Your financial picture is much more than just one account. A professional financial advisor will help develop a complete profile, delving into your income, tax situation, and college and retirement needs. They will also assess your risk tolerance to make sure that recommendations match your goals and won't keep you up at night. And when you have an advisor looking at your complete financial picture, they may help you find other potential savings. By looking at your mortgage, for example, they may observe that your rates are higher than they should be and refer you to a mortgage specialist, or they can compare whole life and term rates to potentially find less expensive products or more appropriate life insurance...