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Message
Maxed out roth...now what?
Posted on 8/27/14 at 6:15 pm
Posted on 8/27/14 at 6:15 pm
So i've maxed out my roth for 2014 and will be saving X amount each month from my contributions to it. I don't want to keep the money because i know it will go to waste so I want to do something with it that makes sense. What would the pro's here at the MT do until 1/1/15?
1. Increase my 401k contributions to match X amount for the rest of the year. My 401k is not currently being maxed out.
2. Put the extra amount in a money market account as a holding tank until 1/1/15 hits and then take the balance and invest for 2015 ROTH.
3. Invest in something very risky over the balance of the year and try to gain some quick money (or lose)
4. Hookers and blow is not an option.
5. I wouldn't do any of these. I would do.......
Thanks for your help guys/gals.
1. Increase my 401k contributions to match X amount for the rest of the year. My 401k is not currently being maxed out.
2. Put the extra amount in a money market account as a holding tank until 1/1/15 hits and then take the balance and invest for 2015 ROTH.
3. Invest in something very risky over the balance of the year and try to gain some quick money (or lose)
4. Hookers and blow is not an option.
5. I wouldn't do any of these. I would do.......
Thanks for your help guys/gals.
5
Posted on 8/27/14 at 6:23 pm to CHiPs25
The method you'll see a lot is.
1. 401k to match
2. ROTH to max
3. 401k to Max
4. Taxable ex. a taxable account with ETFs in it is an option for long range saving like a house in 5 to 10 years (or longer, whatever).
But you can do whatever you like.
1. 401k to match
2. ROTH to max
3. 401k to Max
4. Taxable ex. a taxable account with ETFs in it is an option for long range saving like a house in 5 to 10 years (or longer, whatever).
But you can do whatever you like.
This post was edited on 8/27/14 at 6:24 pm
Posted on 8/27/14 at 6:26 pm to Teddy Ruxpin
quote:
4. Taxable ex. a taxable account with ETFs in it is an option for long range saving like a house in 5 to 10 years (or longer, whatever).
Would this be something I could do at Vanguard?
Posted on 8/27/14 at 6:33 pm to CHiPs25
Yes
Posted on 8/27/14 at 6:40 pm to Teddy Ruxpin
I've been under the impression that if you have a 401k that you cannot contribute to a Roth IRA. I've got a Trad and Roth IRA from a rolled over old 401k and a current 401k that I put my 17500 into every year. I would love to put more away...can I add to my Roth IRA?
Posted on 8/27/14 at 6:42 pm to DonChowder
quote:
I've been under the impression that if you have a 401k that you cannot contribute to a Roth IRA
Wrong. You can have both.
The issue with Roth IRA is income phase outs when you make a "lot" of money.
This post was edited on 8/27/14 at 6:43 pm
Posted on 8/27/14 at 7:00 pm to Teddy Ruxpin
quote:
The issue with Roth IRA is income phase outs when you make a "lot" of money.
for those who are curious
LINK
Phase out rules
Married, filing jointly phase out starts at 181k, out by 191k
Single, phase out starts at 114k, out by 120k.
While these are nice salaries, if you live in a big city or are two professionals, its pretty easy to clip them. I would caution if you do clip them do not tell anyone, as they will think you are rich and will ask you to borrow money.
Posted on 8/27/14 at 11:27 pm to CHiPs25
quote:
1. Increase my 401k contributions to match X amount for the rest of the year. My 401k is not currently being maxed out.
Yes
quote:
2. Put the extra amount in a money market account as a holding tank until 1/1/15 hits and then take the balance and invest for 2015 ROTH.
If you do this, you'll run into the same problem next year, only earlier
quote:
3. Invest in something very risky over the balance of the year and try to gain some quick money (or lose)
Depends on your risk tolerance and long-term goals. Personally, I'd put it into total return funds or global flex funds, but I don't know enough about you to make a recommendation.
quote:
4. Hookers and blow is not an option.
Hookers and blow is ALWAYS an option.
Posted on 8/28/14 at 6:46 am to jeepfreak
What will push me over this year will be my bonus, so its not for sure that i will be over.
What happens when you do contribute and then at years end you end up being over? It gets taxed anyway so its not like they simply charge you for the taxes.
What happens when you do contribute and then at years end you end up being over? It gets taxed anyway so its not like they simply charge you for the taxes.
Posted on 8/28/14 at 7:58 am to barry
quote:
What happens when you do contribute and then at years end you end up being over? It gets taxed anyway so its not like they simply charge you for the taxes.
If you go over, you can either convert the excess principal and any gains made off of that principal into a regular IRA or you will be fined and taxed until all that money in the overage and its gains have been stolen from you.
To save trouble, I figure out what I think I'm going to be able to contribute to my Roth and how much is going to go to the regular IRA and just contribute to both steadily every paycheck. I plan to hit my contribution limits the first week of April (Remember, you can contribute toward the prior tax year until Tax Day). This way, I'm not trying to get this year's contributions to the Roth/IRA in before New Year's Day and have time to do my taxes and adjust the final few contributions accordingly to avoid the pain in the arse that comes with going over limits.
This post was edited on 8/28/14 at 8:27 am
Posted on 8/28/14 at 12:24 pm to CHiPs25
6. Buy a boat. Enjoy your self.
Posted on 8/28/14 at 7:45 pm to CHiPs25
Real Estate
Private Lending
Tax Liens
Private Lending
Tax Liens
Posted on 8/29/14 at 3:52 pm to CHiPs25
quote:
4. Hookers and blow is not an option.
You need to reexamine your life choices.
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