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If you had a 401k when leaving a job, you can roll that into your IRA. A 401k has much higher limits
by awithrow 5y ago
If you had a 401k when leaving a job, you can roll that into your IRA. A 401k has much higher limits
- dheera 5y agoso you can put upto 401K into an IRA when you leave?
- awithrow 5y agono, the savings vehicle at many workplaces is called a 401(k) (named after the section of the tax code that describes it). When you leave a job that offered the 401(k) you can take the money that was in it and transfer it to your IRA. This process is called a "rollover". 401(k)s have much higher contribution limits, can have money added to it by the employer (usually via matching contributions) and sometimes have methods to add after tax money to them.