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Asked 2/3/2008
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401K My husband has a 401K plan at work but the employer doesn't match so it isn't growing very fast. I know you get taxed if you withdraw this. My question is would you just stop contributing to the 401K and leave it sit until retirement age and then open up a Roth IRA and put the money you would normally put into that 401K into the Roth instead? I know some will say contribute to both, but our financial situation is tight right now.
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Answer 1/2 - Submitted 2/7/2008
I'd stop contributing to it if there is no match and just put money into a SEP IRA or another savings plan. The money that's in there will continue to grow (albeit slowly) and you have another account going. You should be able stop making deposits into your 401 and just let it do its own thing.
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