I had a 401k with my employer but moved and set an IRA with my bank as to not worry about it anymore.
My question is am I the only one contributing to it now? Or does my bank contribute as well cause I have an account with them. Also do I have any taxes to sort out with my IRA? And lastly and books you recommend on investing and retirement. Thanks
my 2 cents
Only you.
Rinkydink
No, only you contribuate. If you didn't look into a ROTH IRA you should and compare it to the IRA you just opened. Ask your bank to explain the difference.
Greg
Your employer contributed because you worked there. You don't work for the bank and companies don't contribute to IRAs. If you leave the money in the IRA, you do not pay taxes until you take the money out, which should not be until you are at least 59.5. If you had left it in the 401K, you could, under certain circumstances taken money out without penalty at 55.
tro
not unless you have them move your money into one
Judy
no the bank doesn't contribute. No tax issues until you start taking money out.