- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Startup Company Retirement Options
Posted on 11/2/21 at 8:12 am
Posted on 11/2/21 at 8:12 am
I was recently hired on to a new/startup company without an Employer 401K/Retirement Plan.
There are talks of one coming down the pipe, maybe within the next 6 months or so.
I’m coming from a company with a Vanguard 401K plan, with match, etc. What are my current options or best options to bridge the gap from now until the company establishes their own 401K plan?
TIA
There are talks of one coming down the pipe, maybe within the next 6 months or so.
I’m coming from a company with a Vanguard 401K plan, with match, etc. What are my current options or best options to bridge the gap from now until the company establishes their own 401K plan?
TIA
2
Posted on 11/2/21 at 8:30 am to 3rdPart Tiger
Probably a Roth IRA since being covered by a employer plan at your previous job may exclude you from making a deductible contribution to a traditional IRA.
Posted on 11/2/21 at 8:57 am to 3rdPart Tiger
I would roll your old 401k out to an IRA first. You have more flexibility in investment options and tax efficient strategies.
Then determine if you can make an IRA contribution (Roth vs Traditional depends on your income). If you made contributions to the old 401k in 2021, then you are considered a participant in that 401k for 2021 and it plays a factor in determining whether you can make a deductible IRA contribution like what slackster said. Depends on your income and how much you have contributed already in 2021.
So, for example, if you're 45 years old and are going to make $100k gross this year and you contributed $15k already to your old 401k, then you should roll out your old 401k to an IRA and make a $6,000 IRA contribution.
Then determine if you can make an IRA contribution (Roth vs Traditional depends on your income). If you made contributions to the old 401k in 2021, then you are considered a participant in that 401k for 2021 and it plays a factor in determining whether you can make a deductible IRA contribution like what slackster said. Depends on your income and how much you have contributed already in 2021.
So, for example, if you're 45 years old and are going to make $100k gross this year and you contributed $15k already to your old 401k, then you should roll out your old 401k to an IRA and make a $6,000 IRA contribution.
This post was edited on 11/2/21 at 8:57 am
Posted on 11/2/21 at 9:13 am to Niner
Keep in mind that being covered by a plan doesn’t require you to participate in the plan.
Posted on 11/2/21 at 1:02 pm to slackster
quote:Correct - that is why I said:
Keep in mind that being covered by a plan doesn’t require you to participate in the plan.
quote:
If you made contributions to the old 401k in 2021
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News