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mid-year switch 401k to ?
Old 12-28-2006, 09:21 AM   #1
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mid-year switch 401k to ?

when i retire at mid-year 2007 i will have funded my employer sponsored 401k to the max. if i then do consulting for the rest of the year can i also contribute to some kind of deductable self-employed retirement plan? if i can, how much, and is there a limit to the total contributions i can make to both plans?
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Re: mid-year switch 401k to ?
Old 12-28-2006, 07:21 PM   #2
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Re: mid-year switch 401k to ?

Quote:
Originally Posted by grateful
when i retire at mid-year 2007 i will have funded my employer sponsored 401k to the max. if i then do consulting for the rest of the year can i also contribute to some kind of deductable self-employed retirement plan? if i can, how much, and is there a limit to the total contributions i can make to both plans?
grateful
Yes, you can set up another retirement plan such as a SEP IRA or Solo 401k. However, there are a number of rules on how to figure out how much you can contribute. A good article that outlines the rules is here: http://www.investopedia.com/articles...nquestions.asp. Also look at IRS publication 560: http://www.irs.gov/publications/p560/index.html

The article is much easier reading the the pub.


edited to fix the link
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Re: mid-year switch 401k to ?
Old 12-28-2006, 07:49 PM   #3
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Re: mid-year switch 401k to ?

...add an .asp to the end of the first link in Martha's post above...
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