That depends. If you are not a good saver and traditionally spend your money quickly, a 401K is a good investment to make sure you have money when you retire.
A 401K investment is a way to save for retirement. Companies set them up for employee contributions. Automatic deposits into these plans are best, so that the money is automatically deposited, before one can spend it.
You should not cash the check since it is not addressed to you. In any case, the reason you are rolling it over is to avoid the tax consequences and penalties for cashing out your 401K. It is shortsighted to spend 401K money (even if it is not very much) since that money grows over time to help with your retirement.
Two of the pros of choosing the traditional Roth 401k is you get to spend something when you retired and you can have a peace of mind. The cons are when the economy crashes, your money might disappear and you also have to input money.
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The 401k is not taxed but the Roth 401k will be best in the long run as the money you get out wont be taxed then.
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You can rollover your 401k by applying for or opening a new 401k through your new employer. You don't have to do it though. Withdrawing from your 401k will result in penalties.
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Yes, You can lose Money in a 401k
The difference in a Roth 401K and a regular 401K retirement is perhaps the benefits that they bring out. They might also have different rates and requirements.
You can make a withdrawals with your 401K however you will have to be aware of the fees that are charged from the 401K.