Open Question: Contributing to a 401K?
After 4 years with my current employer, I decided to take another job elsewhere. My 401K that I acquired while there is performing VERY well. I was wondering though, now that I am not employed there will of course be no more payroll deductions nor employer matching going to the fund…. What should I do? I am now doing contract work and as such do not have a 401K that I can rollover to and to be honest I really don't want to move this money because the funds that I am invested in with the current plan are great. I've earned a return since inception of approx 28% and so far this year alone the return has averaged 32%.
Is it possible to contribute to a 401K on my own, by sending in money or setting up a draft on my checking account? I always thought that you had to make contributions through payroll deductions. If its possible to make contributions, I could do that with no problem, I'd even be able to contribute as much or more than I was before.
Any guidance is appreciated.