401k/Roth IRA question

Why don't you need 2 retirement accounts? A Roth IRA and 401K are completely different. It is important to have the two

Not sure how old you but with a 4 month old it is very unlikely you have already saved enough to retire.

Six here too. Keep the roth bud. You’re not forced to let it go. Add as much as they let you.

quote:

---

Invest enough in 401k to get employer match. Then keep contributing to the Roth IRA. Open Roth for spouse. If you max both of those increase 401k contribution

---

I like this approach.

Don't pass up the free money (match) from your employer for your 401(k). Once you reach the maximum match you want to build more after tax retirement income with your Roth IRA. If you can't do the Roth IRA directly do the backdoor conversion.

After you max the Roth IRA every year then max the deductible 401(k) contributions ($19k in 2019, $19,500 in 2020). If you really have everything lined up and your employer allows you to make after tax 401(k) contributions then think hard about whether that makes sense for your family.

With a child in the house you might choose to start doing 529 contributions after you get the matching from your employer, max your Roth IRA, and max your 401(k) deductible limit.

2 accounts?

I have a 403B, a 457, TSP from my Army days, IRA, Roth IRA, and a SEP IRA.

It’s not that hard to keep up with the different accounts.