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Yes, you can contribute the full 6000 to your IRA even if you also have a 401k.

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5mo ago

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What should I know before investing in a 401K?

The biggest question is how much to invest, typically you should be able to match your salary in 10 years. You should also have a understanding of mutual stocks that you can use your 401k to invest with. Check out this site for full details of investing with your 401k http://moneyandsuch.blogspot.com/2007/09/how-to-invest-your-401k-funds.html


Can you contribute to an IRA if you are contributing to a 401k?

Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA. However, if you are contributing to a 401k, you are an active participant in a retirement plan at work. If your modified Adjusted Gross Income exceeds a certain amount, there are limits on how much you may deduct for a contribution to a traditional IRA. You may still make a full non-deductible contribution, however.


Can you repay a 401k loan early?

Yes, you can repay a 401k loan early by making additional payments or paying off the remaining balance in full before the scheduled due date.


How long do you need to work for a company to be vested for a pension?

It will depend on the laws of the country you are in. In the US it tends to be 5 years for full vesting in most retirement programs. Now, most places provide a 401K type arrangement, which has no minimum vesting point, you get what you contribute.


Is it possible for me to pay back a 401k loan early?

Yes, it is possible to pay back a 401k loan early. You can typically make additional payments or pay off the loan in full before the scheduled repayment period ends.

Related Questions

What should I know before investing in a 401K?

The biggest question is how much to invest, typically you should be able to match your salary in 10 years. You should also have a understanding of mutual stocks that you can use your 401k to invest with. Check out this site for full details of investing with your 401k http://moneyandsuch.blogspot.com/2007/09/how-to-invest-your-401k-funds.html


Can you contribute to an IRA if you are contributing to a 401k?

Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA. However, if you are contributing to a 401k, you are an active participant in a retirement plan at work. If your modified Adjusted Gross Income exceeds a certain amount, there are limits on how much you may deduct for a contribution to a traditional IRA. You may still make a full non-deductible contribution, however.


Does Verizon Wireless offer 401K retirement plans for their employees?

Most full-time employees are offered great benefits. One of the benefits that full-time Verizon Wireless employees are offered are 401K retirement plans.


Can you repay a 401k loan early?

Yes, you can repay a 401k loan early by making additional payments or paying off the remaining balance in full before the scheduled due date.


Can you continue to contribute to your 401k while still working after full retirement age and draw social security?

Yes, you can continue to contribute to your 401(k) after reaching full retirement age as long as you are still working. You can also delay taking Social Security benefits to potentially increase your benefit amount in the future. Just keep in mind that once you reach a certain age, typically around 70-72, you must start taking required minimum distributions from your retirement accounts, including your 401(k).


How long do you need to work for a company to be vested for a pension?

It will depend on the laws of the country you are in. In the US it tends to be 5 years for full vesting in most retirement programs. Now, most places provide a 401K type arrangement, which has no minimum vesting point, you get what you contribute.


Is it possible for me to pay back a 401k loan early?

Yes, it is possible to pay back a 401k loan early. You can typically make additional payments or pay off the loan in full before the scheduled repayment period ends.


How many men made up legion of the republic?

At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.At full strength, a Roman legion was 6000 men. However most legions were undermanned and some even fell to a low of 2000 men before recruitment began.


Is it ok to borrow from your 401k?

There is a lot of baggage borrowing from your 401k including that if you lose or change jobs the loan becomes due in full immediately. Personally, with interest rates as low as they are now I would do my best to avoid it unless it is absolutely the only way.


Advantages and Advice for 401k Loans?

With prudent planning, funds in a 401k retirement account can be a powerful financial asset before the retirement years. While early withdrawal from a 401k account can trigger severe tax penalties and a loss of capital appreciation, a 401k loan sidesteps the tax triggers and is a creative tool that can be used to decrease debt and monthly bills. Drawing on a 401k loan can actually save money in the long-term if the funds are used to eliminate or minimize high interest loans or consolidate debt. In a tight credit market, consumer loan interest rates can be high and a 401k loan for significant purchases or investments can be a cost effective financial tool. A 401k loan does not appear on a credit report or as part of a FICO score as the money borrowed technically belongs to the borrower. Facts to consider prior to initiating a 401k loan include amount limitations and payback requirements. Although federal law allows for loans up to 50 percent of the account balance to a maximum withdrawal of $50,000, individual company guidelines, practices and fees do exist and vary between employers. One significant consideration is the security of your job. Should a job loss occur through layoff, termination or resignation during the loan payback period, the full amount of the 401k loan is due in full in 60 days. It is very important to continue to contribute to a 401k account during the loan repayment period. This ensures the continued growth of the account and maximizes the impact of market gains. Also, if the proceeds of the loan are used to pay off credit cards or consumer debt, it is essential that a plan exists to ensure that the credit card debt cycle does not reoccur. No financial plan fits all situations and goals. If debt is severe enough that bankruptcy is a possibility, it is best to keep funds in a 401k where they are protected from bankruptcy distributions. However, there are occasions that a cash influx from a 401k loan can be just enough of a cash boost to put a new perspective on a financial outlook.


Is your old dell lap top wireless?

You have to show the laptop full name something like Dell Inspiron 6000.


What does a Commercial Sales Specialist at Lowe's earn?

Anywhere from $12 per hour up into the $20's (in the southeast) plus full benefits, 401k, stock options, etc. Also have best hours in the store Mon-Fri 8:00-5:00.