My company doesn't allow participation in 401k for one year. What are my options?  Can I open an IRA?
151098
you can always have an ira, even with a 401k. i suggest a roth ira with 1 year renewals. drop at least $500 in every year, more if you can up to the max (about $4,000 for married)
251243
If you don't have the option of a 401(k) plan, how about investing in a roth IRA?  You can open one in your bank or online.  It's never too early to start investing for retirement.
215427
The answer is really up to your past employer, or more correctly the company that administers that old 401(K).  Contact them to find out their rules.  Usually, there is a deadline, which is by the end of the fiscal year in which you leave the company.  But you really should call them and get the answer in writing from them.\n\nBest of Luck.
800115
No you can not. You can roll into your new 401k, an IRA or other qualified retirement plan. You can NOT roll direct into a Roth IRA.\n\nAll the 401k rules can be found at:\n\nhttp://www.advancedwealthsolutions.com\n\nGood luck!
1165838
The first question is whether the IRA contribution will be deductible to you. In 2006, if your AGI exceeds $75,000 (married) or $50,000 (single), the deductible contribution to IRAs starts to phase out. Don't do it if it isn't deductible.\n\nNext, how fast can you pay back the loan? Generally, a long-term loan, even to yourself, is not going to help you because the interest is not deductible.\n\nFinally, would taking a 401(k) loan stop you from making 401(k) contributions? Don't do anything that would stop that, and blow your employee match.
356151
You can choose both! If your not too rich.\n\nIf your employer matches your contributions to the 401k...put in enough to get the match.....put the rest of your money in a Traditional IRA ($4,000) max.......you can put more money tax defered in the 401k but an IRA gives you more control over your money and allows you to choose how to invest it.\n\nNow many people will whine and complain that you should use a Roth IRA....I dont care what you do....but if you use a traditional IRA..you get a tax break now......\n\nFor Further reading on this..check our IRS publication 509.
714890
Not a good idea at all, the penalty for borrowing against your retirement funds is pretty heavy, they will tax the crap out of you, best to try the Ameridream program or Fannie Mae Foundation. Best of Luck.
466296
Do you have earned income?  Are you filing your tax return in the states?  If so, you might still qualify to open and contribute to traditional IRA or ROTH IRA.  If you're self-employed, you might be qualified to open a SEP IRA where the maximum contribution limit is 42,000 or 100% of income.\n\nDefinitely do save/invest in addition to IRA limit for a secure retirement.
545529
You will be greatly penalized if you tap into that 401K now. If you can make it without tapping into it you will be much better off. You can roll it into an IRA and not be penalized. In the process of rolling it into an IRA you can arrange to have some of the money for living expenses but it will cost you.
733043
18% in one year? That's really good.\n\nKeep in mind we're talking just one year, and we haven't begun to factor in losses from time to time cutting into that rate of return. \n\nOver a long period of time your rate of return for the typical balanced fund should settle around the historical 6-8% return. \n\nConsidering it's the end of the year and about time to think about taxes, now would be a good time to evaluate your portfolio and figure out a good way to lock in some of those gains in your retirement portfolio, which includes your 401k.\n\nI would rebalance my portfolio so that some of my gains are transferred over into underperforming parts of my account, as well as consider whether those underperformers still provide balance in your overall investment strategy. Just because some portion lost money doesn't mean that, one day, they won't provide support when those high-flyers take a hit.\n\nI'm no professional, so my experience is all personal. But I can at least say I pay enough attention to my investments w/o being obcessed by it. And they've been doing pretty nicely, even through the rough spots a few years ago.
1109453
GOD YES!!!! NOW IS A GREAT TIME!!!\n\nI work as a financial advisor and I wish I could get as many people in their 20's to buy a Roth IRA.  \n\nRemember, a Roth IRA means that you do not pay taxes on the growth or interest, and their is no taxes when you take the money out after age 59 1/2 years old.\n\nAlso, if you work and you company offers a 401k, try that as they might match you on what you put in.  Remember, that money is not taxed when it goes in, but is taxed when you take it out after age 59 and 1/2.  \n\nIf you are so inclined, you can do both.\n\nTry Scottrade.com, or etrade.com if you want no limits on what you can invest in.\n\nStart with a mutual Fund that is called "balanced" or Asset Allocation.
393236
It depends.  Do you have a Roth IRA?  You can use that money without a tax penalty.  A regular 401K through an employer will have some penalties usually.
62381
If the employer provided a match, then yes.  If not and they have a match with the traditional 401k I would contribute to that.  If no match to either, then I would invest outside of my employer.  First in a Roth IRA and then in I bonds and mutual funds.
918984
Check into a reputable insurance co.  Not one offered by the bank or broker.  You can get a much higher return if you go directly to an insurance co.  Rollover your 401K to a Fixed Annuity if you like safety and want to see it grow and no risk of the market.  Hope that gives you some info.
844192
Yup, you can have both.  Many people do.  If you have a Traditional IRA you can open a Roth IRA, or vice versa, but Carlos R is right, "the funding limits apply to both together" per year.  So since you can only put in $4000 for this year (2006) if your under 50, and say you already put in $4000 in a Traditional IRA, you can't put anymore in a Roth for this year...  and probably, "if you have a choice, put it into a Roth IRA."  See this to be sure: http://finance.yahoo.com/education/retirement/article/101060/which_ira_is_right_for_you\n\nDisregard it saying the annual contributions limit is $2000.  That was in the past.\n\nHere's another link if you really want it: http://www.finance.cch.com/sohoApplets/RothvsRegular.asp
248412
You can make a contribution, but it depends on your income whether or not your contribution is tax deductible or not.  Go to http://www.irs.gov and download publication 590.  Check out the section, limit if covered by an employers plan.  It will direct you to the table for the income level phase outs.  It's pretty easy to read and understand.\n\nGood luck.
209580
IRAs generally have some advantages over a 401K.\n\nThe biggest one is that you aren't as limited in your investment choices.  The typical 401k may have 9-10 funds to select from.  IRAs are pretty much unlimited.\n\nHowever, without knowing what costs your company covers for you in the 401K, this is a pretty difficult question to answer.