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Bookmark or Share- 401k Pre-Tax or 401k Roth? : r/personalfinance - RedditI’m 27 years old and I’ve been working for 5 years (with the same company) and have been contributing to a 401k pre tax plan every paycheck. In 2018 I started a Roth IRA account and have been maxing it out since. The 401k is a target retirement fund and the Roth contributions are going towards a total market index fund.
- 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.
- What's the point of Roth IRA? : r/personalfinance - RedditRoth accounts are a hedge against future tax hikes and tax rate insecurity. There’s a reason Roth accounts are always subject to elimination every few years, tax revenue from Roth users is far less than from traditional. Think of it like a fixed rate mortgage with a low interest rate during high interest rate periods.
- Shouldn't 99% of people chose Roth IRA vs Traditional?Beyond the question of Roth vs. traditional, you have to really think about whether or not saving just $6,000/year is enough for retirement. If you don't have access to a 401k -- and don't foresee that changing anytime soon -- you have to really think about investing additional funds into a taxable brokerage account.
- Roth IRA Rules - RedditNow, as an adult, I have realized the importance of investing early and often in my Roth IRA. I got a late start to my Roth IRA and started at age 28. I am now 30. WHAT I AM THINKING ABOUT DOING: I want to sell all the individual stocks and invest all the profits in my Roth IRA (VOO, VTI are the ones I currently have invested in).
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