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Options on investing for retirement/long term savings (decades)
Posted on 1/8/22 at 1:22 pm
Posted on 1/8/22 at 1:22 pm
If phased out of IRA and no 401k at employer? Money currently sitting in IRA, brokerage/taxable funds (bond, stock, international stock). Should I start a HSA?
Again, no 401k at employer. W2 employee so not able to do a SEP 401k I don't think.
Ideas appreciated.
Again, no 401k at employer. W2 employee so not able to do a SEP 401k I don't think.
Ideas appreciated.
Posted on 1/8/22 at 1:33 pm to HailToTheChiz
You can still do Traditional IRA even if phased out of Roth IRA:
Posted on 1/8/22 at 1:34 pm to lynxcat
And yea, if your health plan is eligible for HSA you should definitely fully fund it. Most tax efficient savings vehicle in the code.
Posted on 1/8/22 at 2:29 pm to lynxcat
quote:
You can still do Traditional IRA even if phased out of Roth IRA:
Completing the sentence: ...and then convert to the ROTH IRA anyways.
Posted on 1/8/22 at 5:18 pm to Teddy Ruxpin
Thanks. I was misreading about the traditional. I'll keep on the traditional and start and HSA.
When I back door it to an already existing Roth, does it technically close the traditional IRA account or just empty it?
When I back door it to an already existing Roth, does it technically close the traditional IRA account or just empty it?
Posted on 1/8/22 at 7:55 pm to HailToTheChiz
quote:
When I back door it to an already existing Roth, does it technically close the traditional IRA account or just empty it?
With Vanguard it just empties. They know what people are doing now and keep them open. I imagine everyone else does the same thing now.
Note: if you have any other IRAs (for example, you rolled over a 401k into one) you may not be able to do this without significant tax implications.
Posted on 1/8/22 at 10:32 pm to Teddy Ruxpin
quote:VERY IMPORTANT
Note: if you have any other IRAs (for example, you rolled over a 401k into one) you may not be able to do this without significant tax implications.
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