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re: Emergency fund opinions
Posted on 2/12/13 at 10:55 am to Jwodie
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.
2
Posted on 2/12/13 at 11:02 am to Sigma
quote:
It's generally a good idea to have retirement savings in both pretax (401k, Trad IRA) and post tax (Roth) accounts.
That cleared up a lot of confusion already - that being whether I was able to contribute pre-tax monies into a Roth account. If not, then that clearly would be an option for me in moving around liquid savings.
Posted on 2/12/13 at 11:09 am to Sigma
quote:
I can't comment on HSAs...don't have the option for one.
Basically, HSAs were set up so had a sheltered account from which you could pay for medical expenses. However, if you never use the money for medical expenses, it can act like a "stealth IRA" and be used as a retirement account.
Therefore, if you have a High deductible health plan, you should open an HSA as it provides another avenue to invest money away from the tax man. 3,250 a year for individuals and 6-something for families.
This post was edited on 2/12/13 at 11:10 am
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