Submitted by spongerd82 t3_zzcet2 in personalfinance
bowoodchintz t1_j2az5ro wrote
Reply to comment by boilermakerteacher in New job, substantial pay increase by spongerd82
Unfortunately it’s limited to a lifetime cap of 35k on rollovers, the money can only be rolled over to a Roth IRA in the name of the beneficiary and the rollover counts toward the annual contribution limit. Not chump change but unlikely to create generational wealth. It’s more like a 529 that offers a touch of extra flexibility.
boilermakerteacher t1_j2bmwr9 wrote
35k compounding from post college plus potential no debt would definitely be a start.
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