I am rolling over my 401k into an IRA, Maybe a Roth but I am wondering if I have to contribute money each month or does it use my original rollover amount each month?
Thanks for your time,
Sincerely,
Michele
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I am rolling over my 401k into an IRA, Maybe a Roth but I am wondering if I have to contribute money each month or does it use my original rollover amount each month?
Thanks for your time,
Sincerely,
Michele
Contributions are not mandatory to an IRA. You can make additional contribiutions whenever you desire, up to the limit of $5K/year ($6K if you are 50 or older).
I don't understand what you mean about an "original rollover amount each month" - please clarify. Remember that a roll-over is a one time event, where you transfer your 401(k) account assets into a new rollover IRA account. Once the assets are rolled over, the original 401(k) account is considered closed.
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