Re:Building a vision of life without work (2015)
by awithrow on Tuesday July 13, 2021 @01:20PM
(#27823554)
If you had a 401k when leaving a job, you can roll that into your IRA. A 401k has much higher limits
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Re:Building a vision of life without work (2015)
by dheera on Tuesday July 13, 2021 @02:40PM
(#27824539)
so you can put upto 401K into an IRA when you leave?
Re:Building a vision of life without work (2015)
by awithrow on Tuesday July 13, 2021 @03:12PM
(#27824958)
no, the savings vehicle at many workplaces is called a 401(k) (named after the section of the tax code that describes it). When you leave a job that offered the 401(k) you can take the money that was in it and transfer it to your IRA. This process is called a "rollover". 401(k)s have much higher contribution limits, can have money added to it by the employer (usually via matching contributions) and sometimes have methods to add after tax money to them.