If you had an IRA at a former job, how do you keep contributing if you are now self-employed?

Asked by Crystal

2 Answers

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Answered by Charlie Donaldson, MBA in Newark, DE
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
Comment 1  
Crystal — Thank you! That's good to know. I have one that's been sitting in limbo for quite some time. I appreciate the information. | 08.13.15 @ 22:27
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:35
Answered by Dave Bradley, Investment Manager (Financial Advisor) in North Charleston, SC
Hi Crystal.
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.

Contact us directly to discuss your situation in greater detail or just to help you make an informed decision.. We love to have folks join us for many of our no cost educational events. No obligation.

It's not what you make, It's what you keep that determines your lifestyle. | 03.31.16 @ 22:37
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$commenter.renderDisplayableName() — {comment} | 12.04.16 @ 08:35
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