No. of Recommendations: 0
I've recently switched jobs and have just been informed I cannot leave my funds in the 401k because its less than 5,000.

I would like to start a Roth IRA, but the online broker I was checking out said 401k cannot be rolled over into a roth IRA. Is this true? I thought if I paid taxes on the money I could put it in a Roth without the 10% penalty. I'm going to open a roth account anyways and don't really want the hassle of two seperate IRA accounts.

Is it ok to have three IRA's. Two Roth's, one for myself, one for my wife, and then this other conventional IRA because of my 401k rollover.

I'm young, new, and nieve, so any suggestions would be greatly appreciated.
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.