Can I contribute a monthly amount to Max out my Roth IRA

Print out Fidelity's direct deposit form for 5500/number of paychecks in a year and turn it in to your employer.


FWIW, here is what I do:

I DD into a rewards savings account. From this account a budgeted quantity is automatically transferred weekly to my checking account. This is to cover all of my primary expenses, mandatory/discretionary.

From my savings account, there is a once a month transfer of funds to a sweep fund in my account at Vanguard. It's goes from my sweep fund to whichever mutual funds I want.

Remainder stays (and builds) in savings account to cover unconventional expenses that pop up outside of medical and car repairs, which is part of the budget (car down payment, vacation, etc).

I like this method as it allows me to control the investment flow at my leisure. I can turn it off, back on, change the amount, etc all without having to file away paperwork with HR.

I do that.. I have it pulling out of my checking twice a month so that at the end of december, I've maxed out my roth. I'm with TDameritrade and they have that option.. I'm sure the rest of them have it to.

my income is to high to even have a roth per my cpa I guess that's a good problem to have.

I don't know if your employer will do a direct deposit into a Roth, but you can probably have your bank automatically transfer funds every month.

I used to do with with my Schwab account, it's quite simple to set up.

quote:

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no can you provide some info or cliff notes?

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A Backdoor Roth IRA is a technique for contributing to a Roth IRA when your income exceeds the contribution limit. There is no income limit on contributing to a nondeductible Traditional IRA, nor on converting a Traditional IRA to a Roth IRA.




Here's a LINK that gives an example of how to do this.