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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.