I am about to dive into the waters of Foolish self-directed investing for early retirement, and I'm quite fond of the tax-free returns the Roth IRA affords... but the $2000 per year limit on contributions is already cramping my style before I've gotten my toes wet. What I want is a vehicle to circumnavigate this shallow wading-pool limit. I have an idea that involves my employer's Wise 401K plan (read sub-par returns and no matching contributions) but I'm not sure it's possible. If I contribute a portion of my salary into this 401K, can I then periodically (monthly, quarterly, or annually) transfer the balance into a conduit IRA, or is the option to transfer the balance into an IRA available only upon termination of employment? IF I can get it into the conduit IRA, THEN of course I can move it next into a Roth IRA, right? The inequity between contribution limits on IRA's and 401K's really irritates me. I mean, do our lawmakers really think it's in our best "interest" to let the Wise shape our retirement investment choices when any Fool could choose investments with better returns?
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ra