@Kailoketa - If you can contribute some towards IRA that can be tax deductable . What i have heard is also you can move your 401 K and invest it towards Roth IRA which has many options than your Employer has . If you are paying tax ( while doing tax ) before 15th april you can put contribute so you can pay less tax on that sump of money you invested towards IRA .  Invest in gold rather than IRA from my view while gold are very low right now .