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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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Old 02-16-2010, 11:59 AM
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Join Date: Feb 2010
Location: delaware, usa
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Default 401k....investing

Im about to start a 401k with my company I work for, my question is is there a way to also branch off in a ira fund or other in vestment with the start of my 401k that I set up in the beginning. I've heard talk of it before but I am thinking it was in reference to something else like rolling over your 401k once retired. Any advice would be greatly appreciated. Thank you. As a note I am 20 years old.
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Old 06-16-2010, 01:08 PM
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Join Date: Jun 2010
Location: Arizona
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Default Re: 401k....investing

A 401k and IRA are separate. You are still allowed to contribute up to 5k a year to your IRA regardless of your 401k as long as you have the earned income to cover it. You can't self direct the 401k, those assets are at the mercy of your sponsor and administrator, unlike an IRA.
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