No. of Recommendations: 0
Greetings, Jim, and welcome. You asked:

<<I was laid off this summer from a job where I had
a 401(k) to which I had been making contributions
this year. My job job is with a much smaller
company that offers a SIMPLE IRA. Can I make
contributions this year?>>


Yes, you may. BUT (ain't there always one of those?) -- You must ensure that the combined contribution to both the 401k and the SIMPLE does not exceed $10K for the year. Your new employer has no way of tracking this because he/she has no idea what you've already contributed to the 401k, so you and you alone are responsible for doing so.

Regards..Pixy

Print the post  

Announcements

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!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.