I'm on SSDI and want to invest in a 401K, is that possible?
Bill from Redding, CA
There are plenty of places to get an answer, and some may charge a fee; call an tax accountant, call social security, call a mutual fund, or call the your state taxation bureau.
A 401k is only available thru payroll deductions at your employer. You can not add outside cash to it. You could however invest in a traditional or roth IRA thru a brokerage firm. Contact a broker in your area and set up an appointment to get advice from a professional. The good ones won't charge you for a consultation.
You can not invest SSDI or any form of Social Security payment in a 401k. A 401k is an employer sponsored plan and it is for money you earn from THAT employer.
You can invest that money in either a traditional IRA or a Roth IRA if you want to save it for retirement purposes.
There are other investments you can invest in if you do not plan on saving the money for retirement. You can seek assistance from a broker, financial planner, accountant, financial advisor, or even a insurance agent/company web site.
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