Thursday, July 24, 2014

Can I contribute to my rollover IRA?

I just got divorced and I know nothing about money. I will find a trustworthy financial advisor but in the meantime, I'm doing my own homework. I have a $190,000 rollover IRA (I live in Illinois). Can I contribute to it… Should I contribute to it? I'm 45 years old, making nearly $70,000. I have been a teacher for 7 years, so I'll have a pension. I have a $220,000 28 year balance on my mortgage. I have no idea if I'm in a comfortable position or if I'm going to the poor house when I retire in 20 years.

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