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Bookmark or Share- 401k contributions - Roth vs pre-tax : r/investing - RedditYou may switch employers and be somewhere that Roth is not an option, leaving only your Roth IRA as an option which is a much smaller limit than 401k ($5.5k vs $18.5k). Balancing the withdrawal rate between Roth and Traditional to maintain good income but low tax liability means having some Roth and some Traditional.
- Should I put $6000 in Roth IRA at once or put $500 per month?If you are instead doing Backdoor Roth (I.e. make non deductible contribution to traditional IRA and do Roth Conversion) for previous year, you need to file 8606 in the returns to update the basis of the non deductible contribution made to traditional IRA and since you have already filed, you should skip otherwise you will be double taxed.
- Traditional vs Roth - Factors to Consider & Rules of ThumbRoth IRA is superior to a Roth 401k due to extra versatility Max out a HSA if possible, especially if available through your employer via payroll. Be sure to rollover HSA investments to a low-fee HSA provider such as Fidelity.
- Just opened my ROTH IRA! How should I invest and what do you ... - RedditOne is that there is a yearly maximum to the amount you can contribute to a Roth IRA. Since you are 18, the IRA contribution limit for 2024 is $7,000 for individuals under 50. For anyone following along, the contribution limit is $8,000 for those aged 50 or older. Additionally, all contributions made to a Roth IRA must be made from "Earned Income."
- What to invest in? Roth IRA : r/personalfinance - RedditThis is a mild fun fact about the Roth 401(k)/IRA. It’s not ROTH as if it is an acronym, but Roth because it’s named after former Senator William Roth. Reply reply
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