Author Topic: company matching IRA?  (Read 1552 times)

themagicman

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company matching IRA?
« on: February 01, 2015, 12:04:43 AM »
All, I am looking at making a job change and one company I was looking into offers a "matching IRA" . Does anyone know how this works. I have only worked for large companies with 401ks. Do you still have the same contribution limit if your company does not have a retirement plan. Does the companies contributions go against your limit? This a probably a dumb question but I just do not have any experience working for smaller companies!

MDM

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Re: company matching IRA?
« Reply #1 on: February 01, 2015, 12:17:22 AM »
Actually it's a very good question and, if you are seriously considering this company, you should ask them to send you details.

It might be one of these: http://www.finweb.com/retirement/matching-options-for-the-simple-ira.html, but better to know than guess.

Field123

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Re: company matching IRA?
« Reply #2 on: February 01, 2015, 07:34:05 AM »
Actually it's a very good question and, if you are seriously considering this company, you should ask them to send you details.

It might be one of these: http://www.finweb.com/retirement/matching-options-for-the-simple-ira.html, but better to know than guess.

Especially if it's a smaller company I would bet they do a SIMPLE IRA. My company does this. The long and short is that you can contribute up to $12,500 per year tax free (just like a 401k). The company also matches a certain percentage - mine matches 3% of my gross income.

It's too bad that you can contribute as much to a SIMPLE as a 401k, but being able to pick your own investments is nice.

themagicman

  • Bristles
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Re: company matching IRA?
« Reply #3 on: February 01, 2015, 12:48:44 PM »
Actually it's a very good question and, if you are seriously considering this company, you should ask them to send you details.

It might be one of these: http://www.finweb.com/retirement/matching-options-for-the-simple-ira.html, but better to know than guess.

Especially if it's a smaller company I would bet they do a SIMPLE IRA. My company does this. The long and short is that you can contribute up to $12,500 per year tax free (just like a 401k). The company also matches a certain percentage - mine matches 3% of my gross income.

It's too bad that you can contribute as much to a SIMPLE as a 401k, but being able to pick your own investments is nice.

Thanks! Did you get to choose your own custodian for your simple? Does the 3% go against your limit?