Hi! Relatively new here. Current employer doesn’t provide a 401K, and former employer is about to shut down their 401K, so I need to transfer that money elsewhere. Any advice as to - where to transfer it, and how best to keep max saving for retirement? My tax accountant suggested doing a 401K via an LLC since a typical IRA has too low a limit. Any advice or suggestions?

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Your accountant would know better, but I’m pretty sure $6,000 is the limit for new annual contributions. I’ve never heard of that limit applying to money rolled over from one retirement account to another. Especially if you’re moving funds from a Roth 401k to a Roth IRA or a traditional 401k to a traditional IRA, this should be a pretty seamless process.

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Yeah you’re right. I guess I could rollover 401k to IRA, but then still need to find another way to contribute going forward. Trying to find a way to contribute with high limit.

Pretty sure you can roll over as much as you want into a Fidelity retirement acct with no penalty, agree w above comment on limits being for new contributions

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I was going to say an IRA but I think your accountant might know best

Roll it to an IRA, the LLC seems unecessary

True, but I’m curious if there’s not extra fees involved during it that way. You could always just invest in a taxable account to supplement as well

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