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New job, no 401k
Posted on 1/31/14 at 9:32 pm
Posted on 1/31/14 at 9:32 pm
I am sure this question has been asked and answered a plethora of times, but I searched and didn't find anything. Link to previous thread if someone has better skills at searching than me would be sufficient.
My wife recently started a new job but her employer does not offer a 401(k) or any savings plan for that matter.
What is her best option for her current 401k and for continuing her contributions?
My wife recently started a new job but her employer does not offer a 401(k) or any savings plan for that matter.
What is her best option for her current 401k and for continuing her contributions?
Posted on 1/31/14 at 9:35 pm to Stingray
Yeah that's what I thought for the old one. Now, if she wants to continue investing, does she just contribute to that same IRA?
Posted on 1/31/14 at 11:26 pm to smyce
she can roll over the old assets into an IRA and she should have the option of either keeping it a traditional IRA or converting it to a Roth (assuming the 401K was a traditional IRA). She can contribute to an IRA $5500/year (more if she is old enough for catch up contributions). Unfortunately, the contribution limit on the IRA per year is much lower than on a 401k and if your combined incomes are too high, a traditional IRA (or Roth) might be phased out or eliminated.
Posted on 1/31/14 at 11:31 pm to smyce
IRA rules
IRA-no employer plan
quote:
For 2013 and 2014, the maximum you can contribute to all of your traditional and Roth IRAs is the smaller of:
•$5,500 ($6,500 if you’re age 50 or older), or
•your taxable compensation for the year.
IRA-no employer plan
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