Ask Terry Questions Retirement

Retirement

By Terry Savage on December 04, 2018 | Investments

I AM retired and i am not touching my 401k until 2020 and still contributing $6,500.00 a year.
AM I in the right way?

Terry Says

Something not right here.  If you’re already retired and have left your job, you CANNOT contribute to your old 40l(k).  And you can’ contribute to an IRA — unless you have EARNED income — That is NOT income from dividends or capital gains — but only from wages or self-employment income.

I don’t know your age, but 2020 is a nano-second away.  And a lot can happen to your old 40l(k) account in a year.  Better check your exposure to the stock market before you see your balance shrink too much!

 

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