By Terry Savage on July 29, 2017 | Financial Planning / Retirement

I have a 401.k with my employer is it better to have this money in my IRA. I'm 57

Terry Says

First, if your employer matches even a small part of your contribution, it would be far better to be in the 40l(k) plan.  You don't want to miss out on "free money"! Second, you may not be able to deduct a traditional IRA if you are covered by a company retirement plan.  Be sure to check on that.  It depends on your income. But if the fees are very expensive in the company plan, you might do better in an IRA -- especially if your contribution is deductible.



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