Sep Ira To Roth Ira

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Sep Ira To Roth Ira

July 24th, 2005

Question: I have a 401(K) offered by my primary employer and a Roth IRA. Can I have a SEP 401(K) too if I have a 2nd job?

I have a fulltime job and I am currently maxing my 401(K) and Roth. But I also have a side job which I would like to start saving for retirement with, Can I have an SEP 401(K) or is there another option that i should be aware of. I have no employees and I am currently making 45,000 a yr from the 2nd income source

Answer: If you are self-employed, you can contribute to a SEP-IRA. If you are an employee at the second job, then you cannot contribute to a SEP-IRA.

You might look into an annuity, though.

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