SEP IRA

Posts Tagged ‘ira’

Financial Services San bernardino CA: Life Insurance, Investments, Mutual Funds, 401k, IRA, Annuity

Question: IRA amounts?

I am eligible to put money in a traditional ira, a roth and a SEP. If I invest in all three what is the maximum total amount I can put away?

Answer: Your 401K max is $15,500 and an IRA (Roth or otherwise) is $5,000.

Roth vs. traditional is different in regards to taxes. Roth’s are eligble for tax free benefits upon withdrawal ONLY after you’ve met certain requirements.

Financial Services Riverside CA: Life Insurance, Investments, Mutual Funds, 401k, IRA, Annuity

Question: Can I roll over my SEP IRA account to my 403B ?

prevously I worked for a Dentist Office for 6 years and she opened up a SEP IRA account for me at a local bank.. now I’m working for a hospital and we have 403B, there is some moneys in the SEP I think almost 5,000, can I roll it over the my 403B plan at the hospital? Will the Dentist know that I roll it over?

Answer: Some 403b programs do allow for rollovers, but this may not be the best solution for you.

While a 403b is a powerful program, you should limit your deposits to your payroll deductions at work. The reason is diversification, two plans will insure that if you make poor choices in one the other will hopefully be doing better. you will not be able to take the money out of your 403b until you are 59.5 without some serious penalties so think it over before you make a change that you cant undo.
I am not a fan of going it alone with your investments. people make mistakes when they get emotional with their investing. an adviser can make sense of turbulent markets or at the very least keep you from loosing your good sense.
if you can find a trusted adviser who you let assist with your SEP, if they will help you choose investments in your 403b you may have a good match, and a second pair of eyes can never hurt!

Types of Retirement Accounts – Bloomberg: Your Money