I am in a pension plan,but last year did not work enough to qualify for a vested year. Can I set up a Sep-IRA or Keough?
Greetings, Filmfloss, and welcome. You asked:<<I am in a pension plan,but last year did not work enough to qualify for a vested year. Can I set up a Sep-IRA or Keough? >>No, you may not. Those are plans for the self-employed and you are an employee of someone else. As to an IRA, that's another matter. It's too late for last year's contribution, and it appears that sometime this year you will be a full participant in your employer's pension plan. That means that you may or may not be eligible for a deductible contribution to a traditional IRA depending on your filing status and your adjusted gross income. (For details, see the IRA discussion in my Foolish Retirement Plan Primer at http://www.fool.com/Retirement/Retirement.htm.) If you are not able to deduct your contribution, you may still use a nondeductible IRA, and if that's the case a Roth IRA is almost certainly your better choice assuming you meet the AGI limits for such a contribution.Regards..Pixy
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