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Originally Posted by Moooo
So I'm a little confused, are companies not allowed to match on the Roth IRAs?
I say this because people are making it sound like this is the case.
Also, I don't know why you would, but in 2010, if someone was so inclined could they keep their old 401k and just start putting their new money in a new Roth 401k? I'm pretty sure you can have only one...
Boy this stuff is fun to learn about!  I"m such a nerd!
Moooo |
IRA = you and the mutual fund company or bank, no employer involved.
IRA rollover = you quit your job and want to roll your 401k into your own IRA where you control it more directly.
Roth IRA conversion = you have an IRA and want to pay tax on some of it now to transform a portion into a tax-free Roth IRA
401k = employer
403b = government, city, something like that.
If its a 401k, the employer can match a portion of your contribution if they want, but its not required. They do it mainly to convince you that they are a cool place to work for instead of the competition.