I want to be able to contribute to a traditional IRA so I may deduct more off my taxes. Is it possible… Please provide sources.
Posts Tagged ‘traditional’
Is it good idea to diversify some of my 401k into a separate traditional IRA?
28
Aug
I have all my retirment savings in my employer’s traditional 401k program and I am 100% vested. I’am wondering if it is a good idea to take a half of that value and roll over into a traditional IRA with a different investment company. It’s attractive since I will have more choices of investment, plus its money no longer having any connection with my employer and totally under my control.
What frightens me though is if I could be boxing myself into a corner later in life when I want to withdraw the money. Not sure if I would hit maximum limits. Though very unlikely, if I ever withdrew the money early would I be hit with more complicated withdrawal penalties and fees? Would management fees eat up more of my savings? Any advise or if you could share resources appreciated. Example data as follows:
Age: 38
Amount in current 401K = 50K
Amount thinking of rolling over = 25K
Thanks, the 401k is with my current employer. I spoke to the 401k administrator and they said it is okay to roll over part into a traditional IRA with another administrator. Does that change your advise or do you think I’m being given wrong info? Appreciate your response.
Roth IRA, Traditional IRA, OR 401K?
22
Aug
IF YOU HAVE $5000 AVAILABLE TO INVEST, IS IT BEST TO INVEST IT IN A Roth IRA, Traditional IRA, OR 401K. why?
when am I allowed to roll a traditional ira over into an existing 401k ?
11
Aug
what are the rules that would allow this?
When switching jobs, where is it best to put your 401k…in new employer’s 401k, a traditional IRA or a ROTH??
05
Aug
I am looking at switching jobs and am wondering where it would be best to put my current 401k money…into a new 401k, a traditional IRA or a ROTH IRA. I currently have a ROTH IRA and enjoy the ability to invest in what I want. I also enjoy knowing that the money I see will not be taxable upon retirement. I’m leaning this way because I’m 24, my wife is 22. We are both engineers, we have an AGI of a shade under 100k for 2007, and I anticipate retiring in a higher tax bracket (currently in the 25% range). Another factor is does the rollover count as a contribution for the current year? Also, are there any tax implications for any of the choices?? Any information on this would be helpful as I am pretty ignorant when it comes to rollovers. Thanks!
Can I roll-over a 401k into either my traditional IRA or my Roth IRA?
19
Jul
I currently have a Roth IRA, but this year my income will be higher than the allowed maximum for the Roth IRA, so I will have to open a traditional IRA sometime this year (before April 2008 I suppose).
Now, I have a 401k from my last employer. Assuming I have a choice, should I roll over the money into my Roth IRA or my traditional IRA?
Traditional IRA after 401k maxed out?
02
Jul
I am 57. I make about 150,000. I max out my 401k contributions. I have no debt except for a mortgage. I plan to work till 65. I am putting $600 a month in savings (low interest rate) in addition to 401k. Should I be putting any of it in a traditional IRA? I make too much for a Roth. What should I be doing with additional $600/month that I want to put away.
Should I roll my 401K from my soon-to-be previous employer into a traditional IRA?
26
Jun
I am leaving my current employer in the next few days. Should I roll my 401K and pension fund from my soon-to-be previous employer into a traditional IRA?
My new employer offers 401K that matches up to the first 5% and allows me to roll my previous 401K into theirs. Should I do that, instead? According to the benefits literature from my new employer, my 401K with my new employer will be fully vested after my 4th anniversary there. Will I lose any value in my existing 401K by rolling mine into theirs if I leave my new employer before my 4th anniversary?
My employer has no type of 401k plan, can you contribute to both an existing traditional IRA and a Roth IRA?
20
Jun
I rolled over an existing 401k into a traditional IRA. My current firm doesn’t have a 401k or any other kind of plan. I’d like to contribute to my traditional IRA but I’m being told that I can’t contribute to both a traditinal IRA and a Roth IRA at the same time unless the one is from the current employer.
moving from 401k account to traditional ira?
15
Jun
Do I have to pay taxes when I moved money from a 401k to a traditional IRA not a roth?