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Originally Posted by farmboy42
I have something like 200K in my current 401K, and the new firm is about 100 people. They are mostly lawyers, so I probably don't have a chance of getting them to do any sort of retirement. I can only put $2k into an IRA so that sucks. So, it looks like my 401k will stall out since they don't offer anything? What happens to my current 401K investments? Can I still manage them?
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How much can be contributed to IRAs depend somewhat on whether you spouse is working and whether your spouse has a retirement plan at work. Read this IRS publication on IRAs: Publication 590 (2006), Individual Retirement Arrangements (IRAs)
However, you should be able to put at least $4000 in your own IRA, and a $1000 more if you are at least 50, for 2007. Next year it will be $5000 plus a $1000 if 50 or over. You might be able to do a spousal IRA as well, depending on your spouse's work situation.
Ed Slott's IRA Advisor Newsletter
You can continue to manage your current 401k investments, but you might want to rollover into an IRA for increased flexibility.
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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.
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