What are the total contributions allowed for IRA, Roth IRA and 401k?

Question

1. What are the total contributions allowed per year for each - IRA, Roth IRA and 401k? assuming the person is in his early 30's.

2. Let's say this individual wants to retire in his mid-50's, which funds can be withdrawn out of the 3, without any penalties?

3. Finally, can this person also get his Social Security income when he reaches in his 60's, while still living on his IRA, Roth IRA and 401K savings? can all 4 be an income source for this individual?

Many thanks! :)

Answer 1

Contributions are tiered by age ,
Ask your plan administrator .

All those have penalties for withdrawals before age 60 .

Social security begins at 66 for current retires ,
But is more like 70 for people born in your year .
Currently , social security is Not reduced for other retirement income but there is talk of changing that .

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Answer 2

you won't be able to roll an IRA decrease back right into a 401(ok) or different organisation-subsidized plan - by using regulation. as quickly as an IRA, consistently an IRA. the only factor that is "rolled over" right into a sparkling 401(ok) plan is an previous 401(ok) account (if the recent plan so facilitates) - yet rollover to an IRA is plenty smarter. you are able to CONVERT a worry-free IRA to a Roth.