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re: Emergency fund opinions
Posted on 2/12/13 at 10:39 am to Teddy Ruxpin
Posted on 2/12/13 at 10:39 am to Teddy Ruxpin
You guys are confusing me with the Roth IRA talk. I already have a regular 401k toward which I contribute a portion of my pre-tax salary, and an emergency fund that I've stockpiled in a low interest savings account, which obviously isn't ideal. Would it be prudent to take a chunk of those liquid (now unfortunately post-tax) savings and put them into a Roth IRA? What ultimately would be the best use of any savings I currently have that go beyond what is needed for a sufficient emergency fund?
Appreciate all the insight so far.
Appreciate all the insight so far.
This post was edited on 2/12/13 at 10:41 am
2
Posted on 2/12/13 at 10:46 am to Jwodie
quote:
You guys are confusing me with the Roth IRA talk. I already have a regular 401k toward which I contribute a portion of my pre-tax salary, and an emergency fund that I've stockpiled in a low interest savings account, which obviously isn't ideal. Would it be prudent to take a chunk of those liquid (now unfortunately post-tax) savings and put them into a Roth IRA? What ultimately would be the best use of any savings I currently have that go beyond what is needed for a sufficient emergency fund?
I would say if you have the money to do so, max out your 401K match, then your Health Savings Account if you qualify for one/have one, and your IRA.
The debate about putting your emergency fund in the IRA is an academic one and may not be for you.
You can do:
401K, HSA, IRA, Separate Em Fund account
OR
401k, HSA, IRA (including Em funds).
Its up to you.
This post was edited on 2/12/13 at 10:48 am
Posted on 2/12/13 at 10:55 am to Jwodie
It's generally a good idea to have retirement savings in both pretax (401k, Trad IRA) and post tax (Roth) accounts. I would contribute up to the limit in the 401k to get the employer match, then max out the Roth, then add more to the 401k if you need to, in that order. Your low interest savings account is a good place for your emergency fund. Only you can decide what's a comfortable amount there.
I can't comment on HSAs...don't have the option for one.
I can't comment on HSAs...don't have the option for one.
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