SEP IRA

Posts Tagged ‘401k’

realestate2cash_SDIRA2of5.mov

Question: I want to cash out my entire IRA?

I have a SIMPLE IRA floating around from a previous job with about $1,000 in it, and i need to cash it out to pay off a credit card. I need to know if i can do this, how soon, and what are the consequences to it? i know it’s not a 401k but i know the IRA is similar, help?

Answer: with the simple, there’s a 25% penalty if you cash out within 2 years of when you started working for the company. longer than that, it’s a 10% penalty.

this is in addition to paying regular income tax on the value of the account.

Recessionproof Real Estate Investing with a Self Directed IRA LLC or Solo 401k

Question: Is a SIMPLE IRA through your employer a good investment to rely on for retirement?or is trad/roth IRA better?

I’m 21 and have a SIMPLE IRA through my employer but I’m wondering if it’s best to invest my money into a trad/roth IRA or should I keep contributing the max per year to the SIMPLE IRA. Which would be best for me in the long run?

Answer: A SIMPLE IRA is just like a Trad. IRA, except with the employer match part, as long as you’re working for that company, you can make contributions up to $10,000.00 (Tax Year 2007). You may want to speak with a financial advisor, who can provide you with more information pertaining to IRA’s with your specific financial situation in mind.

Personal Finance & Investing : How Does a Roth IRA Work?