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Changing Jobs - 401k to Simple IRA
Posted on 9/3/19 at 9:58 pm
Posted on 9/3/19 at 9:58 pm
I'm in the process of changing jobs and will be coming from a 401k to a Simple IRA.
First, I currently max my 401k throughout the year. Being that a Simple IRA is a different retirement vehicle, am I able to contribute the full $13,000 to the Simple IRA for the final months of the year.
Secondly, my current 401k has a rollover portion, a Roth 401k portion, and normal 401k portion. My 401k, roth & traditional IRA are through Fidelity. What factors should I consider to determine if I will keep my existing 401k as is or if I should convert to a IRA?
Any help/insight is appreciated
First, I currently max my 401k throughout the year. Being that a Simple IRA is a different retirement vehicle, am I able to contribute the full $13,000 to the Simple IRA for the final months of the year.
Secondly, my current 401k has a rollover portion, a Roth 401k portion, and normal 401k portion. My 401k, roth & traditional IRA are through Fidelity. What factors should I consider to determine if I will keep my existing 401k as is or if I should convert to a IRA?
Any help/insight is appreciated
1
Posted on 9/4/19 at 8:27 am to readysetgeaux
eta. Dr. Google says you're ok. I do believe the 19k limit is still there for the employee contribution. (unless you're over 50). SIMPLE & 401k Contributions
Your rollover and normal 401k portion can both go to your IRA. Then Roth 401k to Roth. The only factor to consider I would think would be costs vs. investment options. Are there any advantages regarding better pricing for leaving it in the 401k? Other than that, unless the 401k has and you take advantage of the brokerage window, it's likely your options are much more limited in the 401k and I would lean heavy move it over to the IRA's unless there are large cost advantages of not...
This post was edited on 9/4/19 at 8:33 am
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