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Options on investing for retirement/long term savings (decades)

Posted on 1/8/22 at 1:22 pm
Posted by HailToTheChiz
Back in Auburn
Member since Aug 2010
48897 posts
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.
Posted by lynxcat
Member since Jan 2008
24125 posts
Posted on 1/8/22 at 1:33 pm to
You can still do Traditional IRA even if phased out of Roth IRA:
Posted by lynxcat
Member since Jan 2008
24125 posts
Posted on 1/8/22 at 1:34 pm to
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 by Teddy Ruxpin
Member since Oct 2006
39553 posts
Posted on 1/8/22 at 2:29 pm to
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 by HailToTheChiz
Back in Auburn
Member since Aug 2010
48897 posts
Posted on 1/8/22 at 5:18 pm to
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?
Posted by Teddy Ruxpin
Member since Oct 2006
39553 posts
Posted on 1/8/22 at 7:55 pm to
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 by Niner
Member since Apr 2019
2026 posts
Posted on 1/8/22 at 10:32 pm to
quote:

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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