Skip to main content
No. of Recommendations: 0
Paul5873 asks:

<<Is there a maximum amount that can be rolled over from a 401(k) into an exisitng IRA once I leave my job? Also, once the 401(k) is rolled over will I still be able to contribute to my IRA for the year?>>

You may transfer an unlimited amount of money from an employer's qualified retirement plan like a 401k to an IRA. That transfer has no effect on your ability to make your annual IRA contribution of up to $2K for that year, either. As TheBadger pointed out, though, you may want to use a new rather than an existing IRA for this purpose. Doing so will preserve your ability to later transfer that rollover money plus any of its earnings to a new employer's 401k plan that accepts money from an old employer's plan. For details, see my discussion of "conduit" IRAs in my Foolish Retirement Plan Primer at http://www.fool.com/Retirement/Retirement.htm .

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.