Re: IRA contribution
yes, a 401K must be rooled over to a IRA when you leave a place of employment unless you have over 5k in the account then you can choose to leave it in the 401K, ie if they have really outstanding funds performance and low fees. If/when it is rolled over it must be rolled over as a traditional IRA as the money is pretax. ALWAYS have direct rolover. Scottrade is a good place to rollover to as they have a $500 min. and no IRA fees.
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