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too late to start a 401k?

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    too late to start a 401k?

    Hi--

    I'm not filing for another 6 or 7 months and want to know if it's too late for me to start putting $$ into a 401k account. I don't currently have one, but if it's allowed, I want to be able to add it to my expenses asap. AND, if I CAN do it, anyone know how much is allowed?

    Thanks!

    Kathy

    #2
    It isn't too late, but there is always a chance that if the UST scrutinizes your case they'll find the timing questionable. Large contributions to a 401K beyond what an employer matches may draw the UST's attention, but contributions of 4-6% seem to be rarely questioned.

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      #3
      I'm self-employed, so there's no employer match. Hmmmm . . . 4-6% of my net? Do you think that would be ok?

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        #4
        Kath, you can set up a SEP account, it's a retirement fund for the self employeed. Bank or financial planner will give you info on it. It is a great tax tool also.

        I would probably wait until after the BK though unless your attorney thinks starting now will be okay.

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          #5
          THANK YOU! I have an appointment with a new attorney tomorrow and will add the SEP to my list of questions. Great!

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