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question about possibly suspending 401K roth for 6-12 months
Posted on 9/22/17 at 2:59 pm
Posted on 9/22/17 at 2:59 pm
So I have had my account maxed out with my company matching it for a while now...
Are there any penalties to suspend the 401K for 6-12 months.
Is it like a faucet, can you turn it off and on and it pick up where you left off?
Are there any penalties to suspend the 401K for 6-12 months.
Is it like a faucet, can you turn it off and on and it pick up where you left off?
4
Posted on 9/22/17 at 3:04 pm to LSUvegasbombed
You can stop contributing whenever you want.
Posted on 9/22/17 at 4:25 pm to LSUvegasbombed
They won't be matching if you aren't contributing. Reduce contribution down to the match is the way to go if I'm understanding your post correctly.
Posted on 9/22/17 at 6:52 pm to LSUvegasbombed
You can stop/start whenever you like, provided you don't hit the yearly limit.
The trick is to spread out your contributions evenly throughout the year so that you maximize the match.
If you haven't maxed the match you might be able to undo some of the current year contributions so you can get a do-over this year. I've heard this might be possible but have no personal experience with it.
The trick is to spread out your contributions evenly throughout the year so that you maximize the match.
If you haven't maxed the match you might be able to undo some of the current year contributions so you can get a do-over this year. I've heard this might be possible but have no personal experience with it.
Posted on 9/22/17 at 7:52 pm to foshizzle
I think it depends on your company. If I max out, they keep contributing their match. It is probably worth a call to payroll.
Posted on 9/22/17 at 8:34 pm to LSUvegasbombed
You need to talk to ur company's administrator. So companies only allow modifications at the 1st of the year. Some allow quarterly changes. Some allow changes at any time.
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