Early Retirement & Financial Independence Community - View Single Post - New Company has no 401K

Martha · 08-22-2007, 10:05 AM

Well that stinks. Does the employer offer any retirement options? If not, you are stuck with an IRA and unfortunately you just can't contribute as much to an IRA as a 401k.

If you have more than $5000 in your 401k you have the option of keeping that 401k with your former employer, but you can no longer contribute to it. You always have the option of rolling over the 401k into a rollover IRA.

08-22-2007, 10:05 AM	#2
Martha Moderator Emeritus Join Date: Feb 2004 Location: minnesota Posts: 11,731	Well that stinks. Does the employer offer any retirement options? If not, you are stuck with an IRA and unfortunately you just can't contribute as much to an IRA as a 401k. If you have more than $5000 in your 401k you have the option of keeping that 401k with your former employer, but you can no longer contribute to it. You always have the option of rolling over the 401k into a rollover IRA. __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.