If you had an IRA at a former job, how do you keep contributing if you are now self-employed?
Crystal, great question. If you left the employer, you would just need to transfer the money into a traditional IRA that would accept new contributions. If your new job has a 401k, you can transfer the money into that as well.
For an IRA, it's a pretty simple transfer and setup. Any financial advisor can take care of this for you pretty easily.
| 08.13.15 @ 22:25
As Charlie said, It's very easy. You could also set-up a self-directed IRA or a solo-401(k). The Roth versions may also work for you. Keep in mind that some retirement plans offer an employer match for business owners (self-employed). There is also a spouse IRA (if you are married).
The advantage of self directed is that you have more autonomy over investment choices.
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It's not what you make, It's what you keep that determines your lifestyle. | 03.31.16 @ 22:37