E46Fanatics - View Single Post - Rolling over 401K & down payment savings
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Old 03-15-2017, 05:26 AM   #5
Wraisil
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Join Date: Apr 2004
Location: Acworth, GA
Posts: 219
My Ride: 2010 Infiniti G37
Quote:
Originally Posted by nikkeiS2K View Post
Good info. Just a few questions:

1) Would I be able to move my retirement savings to a 401K if I change companies again and find that I like the new company's 401K plan?

2) If I want to trade stocks with part of my down payment savings should I still stick with Vanguard? I like Vanguards ETFs for the long-term, but also want to do some day trading on the side as well.

3) Is the fact that I have an account open with Robinhood going to affect anything?

4) Am I really limited to $5500 for a Traditional IRA? That seems like a huge drawback from the $18,000 I can contribute to a 401K. Maybe I am not understanding this right.
1. You can rollover an IRA into a 401k. Though I doubt you'll find a 401k plan with "better" offerings than you would find available at Vanguard (I'd say the chance was 0%, but there might be an outlier somewhere).

2. Day-trading with money that is "needed soon" is a pretty bad idea. That said, you can trade stocks at Vanguard.

3. It shouldn't impact your ability to rollover a 401k or invest money elsewhere.

4. Yes, IRA contributions are limited to $5,500 per year and 401k contributions are limited to $18k per year (from you). For most people, you can contribute to both. I maxed out my 401k last year and contributed $5,500 to my Roth IRA for example. There are various limits for determining eligibility for Roth and/or tax deductibility of contributions to tIRAs however.


*note: contribution limits do NOT include money rolled over into an IRA.

Edited the first bullet for accuracy thanks to JJ's noticing it was incorrect.
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Last edited by Wraisil; 05-03-2017 at 11:35 AM.
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