OK boys & girls. I've contributed to a personal IRA for twenty years. Quite successful. Now I'm contributing to a corporate 401k, and so is my wife, at her place of employment. This prevents us from contributing to personal IRA accounts, whether Roth or traditional. What this does, is force ME, to start all over from scratch, at the nooby level of investment, and forbids me from contributing to my IRA, or even transfer my IRA, with pre-tax funds.
This completely sucks. Within the convoluted mess of the IRS, I can't transfer an existing IRA to a new 401k w/o selling off the mutual funds that have made me financially secure.
I'm a little bit annoyed, especially at the IRS for not providing for this situation. Apparently, in the YOU-ESS-of-AAYE we don't have anyone that has been saving for retirement on their own.
Anybody else encounter this? Fidelity is very understanding, but not condescending to keeping American mutual funds under their brokerage. The IRS won't allow a transfer of IRA to 401k w/o taxing as capital gains. Kinda beats the point of retirement savings on a pre-tax level. What cha' think?