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Roth IRA vs. Traditional IRA? : r personalfinance - Reddit Total value of both the Roth IRA the post-tax brokerage accounts: $49,615 If he puts the $6000 in a traditional IRA, puts the tax savings in a brokerage account, and keeps them both there for 30 years: His 2021 income was $30,000 He deducts the standard deduction and his $6000 contribution
Roth 401k to Roth IRA rollover : r personalfinance - Reddit If you roll over Roth 401k to Roth IRA, you can immediately access the contributions without penalty There is no 5-year rule for contributions If you roll over pre-tax 401k or traditional IRA to Roth IRA (a Roth conversion), you can access the converted amount 5 years later without penalty Roth IRA withdrawals follow a specific order
Over the Income Limit? A Guide for Roth IRA Mistakes and the . . . - Reddit This effectively pretends like a pre-tax contribution was a Roth in the first place, or that a Roth contribution was a Trad contribution in the first place This can be performed up to the filing deadline for the tax year (typically April 15 of the following calendar year) Pro rata rule: Pro rata simply means proportional
Roth 401k vs. Roth IRA : r personalfinance - Reddit The advantages of a Roth 401 (k) over a Roth IRA are a) a much larger yearly contribution limit ($19,500 yr instead of $6,000 yr) and b) your company might match the amount you put into the Roth 401 (k) The disadvantage is the limited fund selection; how limited it is is determined by your company LiteBulb88 is right
Should I put $6000 in Roth IRA at once or put $500 per month? Yes Just to be clear to anyone else considering this, a Roth IRA contribution is basically an “after-tax” contribution so it isn’t reported on your 1040 A traditional IRA contribution would require you to amend your 2020 taxes to get the tax deduction because it’s a “before-tax” contribution Reply reply
401k contributions - Roth vs pre-tax : r investing - Reddit ADMIN 401k contributions - Roth vs pre-tax 24 y o engineer Salary: $7x,xxx Current $401k balance: $16,xxx Company matches 100% up to 6% as long as I am above 8% Currently, I contribute 10% Roth and 4% pre-tax Considering the company's contributions are pre-tax, this comes out to a net 10% Roth and 10% pre-tax
Roth 401k vs traditional 401k : r personalfinance - Reddit You get 2 33% match total on the first 6% you contribute to ANY 401k The employer will not let you double up on the match This match will ALWAYS go into the traditional account, by law You can therefore allocate anywhere from 100% (8 33%) traditional to 28% (2 33) trad 72% (6%) roth with those first 6% of her income
Roth 401k vs Traditional 401k : r FinancialPlanning - Reddit Finance guy here Roth IRA or Roth 401k only Traditional starts making more sense once you really need to save on taxes (probably like 150k a year salary) Although I understand your desire to pay down debt, I suggest bumping up your contributions to 6% now and learning to live with the income
Whats the point of Roth IRA? : r personalfinance - Reddit Exactly Roth works like this You are taxed on your income today, and you invest those monies into an account When your account grows, when you retire you both the money you put in, and all the growth is 100% tax free This is important if you believe today’s tax rate is lower than the future tax rate
Roth IRA or High Yield Savings Account? : r personalfinance - Reddit Roth money is generally for retirement You should be looking at performance over at least 5 years if not longer If you need money in 3 years you shouldn't be investing it A HYSA is not investing, it's saving There's nothing wrong with one or the other, they are just different strategies Reply