Advantages :
Gain full control of your retirement plan
Gain full control of your investment options
Access to fully customizable asset allocation models
Easy and inexpensive access to professional investment advice
Flexibility in executing your decisions

Disadvantages :
None

Leave your 401k with your current employer: Rules and limitations apply depending on your employers specific retirement savings plan rules.

Advantages :
Convenience

Disadvantages :
Current employer retains control over your investment options.
You may not have access to the investment vehicles appropriate for you.
Limited access to professional investment advice.

Roll over all or a portion of your 401k to your new employer. Rules and limitations apply depending on your new employers specific retirement savings plan rules.

Advantages :
None


Disadvantages :
New employer gains control over your investment options.
You may not have access to the investment vehicles appropriate for you.
Limited access to professional investment advice.
Continues circle of having to roll over accounts as you change jobs.

Take a full or partial withdrawal with the check payable to you. Beware of withdrawing money from your retirement savings plan account because you will owe current income taxes on the eligible portion of your withdrawal. In addition, if you take the withdrawal before age 59 1/2, you may also owe an additional 10 percent early withdrawal penalty.

Advantages :
Instant access to a small portion of your funds.

Disadvantages :
Taxes are payable, either 20 % instantly through withholding or Income taxes.
10 % penalty tax will apply to most withdrawals before age 59 ?
Your financial independence might be in jeopardy.