- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Saving More for Retirement - Trad IRA vs Normal Brokerage Account
Posted on 5/10/24 at 8:42 am to skewbs
Posted on 5/10/24 at 8:42 am to skewbs
How long do you have before you plan to retire? Are your 401k contributions traditional or Roth?
If it’s still a while, backdoor roth may be the way to go.
Also, depending on how your 401k is set up, your plan may allow you to make after tax contributions and roll those into a Roth IRA (mega backdoor). You just need to stay under the total employee + employer annual contribution limit of $69,000.
Also, I am on an expensive long term medication with a HDHP and haven’t had to pay a dime for it due to the manufacturer rebate. You might have already, but it’s worth looking into.
It’s hard to say what’s best for you without knowing what age you plan to retire and how long you have left to save.
I am by no means a financial expert. But these are some things you can talk to someone more knowledgeable about.
If it’s still a while, backdoor roth may be the way to go.
Also, depending on how your 401k is set up, your plan may allow you to make after tax contributions and roll those into a Roth IRA (mega backdoor). You just need to stay under the total employee + employer annual contribution limit of $69,000.
Also, I am on an expensive long term medication with a HDHP and haven’t had to pay a dime for it due to the manufacturer rebate. You might have already, but it’s worth looking into.
It’s hard to say what’s best for you without knowing what age you plan to retire and how long you have left to save.
I am by no means a financial expert. But these are some things you can talk to someone more knowledgeable about.
This post was edited on 5/10/24 at 8:45 am
1
Posted on 5/10/24 at 1:34 pm to Theduckhunter
quote:
How long do you have before you plan to retire? Are your 401k contributions traditional or Roth?
Late 30's. So 25+ years easily until retirement.
quote:
Also, I am on an expensive long term medication with a HDHP and haven’t had to pay a dime for it due to the manufacturer rebate. You might have already, but it’s worth looking into.
I talked to my doctor (and her finance team) on what people do who have a HSA and are in my situation with this medicine. She reviewed my insurance plan and said she definitely recommends staying put with my current plan.
But to your point, I may also explore what sorts of manufacturer rebates there are and what would truly be an OOP cost to me minus any insurance plan. I have not done that yet... might be good to look into just in case.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News