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Author: 1847 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 25234  
Subject: Leaving 401K After Termination Date: 4/27/1999 8:51 PM
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Almost 60 and about to be unemployed, if I leave my 401K with my former employer will I still be able to contribute to it ?
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Author: kperrier One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1837 of 25234
Subject: Re: Leaving 401K After Termination Date: 4/28/1999 9:33 AM
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Almost 60 and about to be unemployed, if I leave my 401K with my former employer will I still be able to contribute to it ?

Probably not. You will need to roll it over into an IRA.

Kent

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Author: AnnieO One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1846 of 25234
Subject: Re: Leaving 401K After Termination Date: 4/28/1999 1:12 PM
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Be careful--I'd ask the company you are thinking about setting up the IRA with about "comingling" 401k transferred funds with new contributions!

(They sure make it tough for us to simplify this, don't they?!)

Good luck!

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Author: Bobbcat Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1854 of 25234
Subject: Re: Leaving 401K After Termination Date: 4/28/1999 6:52 PM
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<< Almost 60 and about to be unemployed, if I leave my 401K with my former employer will I still be able to contribute to it ? >>


By definition "401(k)" is "salary deferral". Since you won't have any salary, you won't be able to contribute. However, depending on your need for funds and the ease/difficulty of pulling dollars out of the plan; you can leave the dollars where they are or roll them into an IRA.

CAREFUL: If you start contributing to an IRA (you have "earned income"), and you contribute to the same IRA account that holds any assets rolled from the 401(k), you won't be able to transfer the dollars into a future employer's 401(k) plan. So if you think you may want to do that in the future, open 2 IRAs. One for the rollover and one for new contributions.

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