Retirement Thoughts

[foszoe]

That CD trick you do is a good one.

I re-read the thread and @xwing seems to have laid out the next steps, I just needed to revisit it.

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Glad you got it narrowed down. Been dying to derail this thread but wanted to respect you.

JSCR makes it hard to behave.

 

[mbkintner]

There's no such thing as a stupid question.

If I'm reading this right, if you make over these amounts you're stuck with just your employer Roth 401k and cannot do a individual Roth?

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Correct, but the 2024 values max at $161K MAGI for single filers and $224K MAGI for married filing jointly.

Contribution limits on a Roth 401k are the same as a standard 401k; $23.5K under 50 years old and $30.5K 50+.

 

[Mij]

I learned a ton from my depression era grandparents.




Me presuming to give someone else financial advice.

DEEP BREATH

 

[firecadet613]

Correct, but the 2024 values max at $161K MAGI for single filers and $224K MAGI for married filing jointly.

Contribution limits on a Roth 401k are the same as a standard 401k; $23.5K under 50 years old and $30.5K 50+.

And that's 23.5k total (Roth and traditional), correct? That's the way I read it.

 

[firecadet613]

Glad you got it narrowed down. Been dying to derail this thread but wanted to respect you.

JSCR makes it hard to behave.

All good brother, all good. The info in this thread (and in side conversations due to this thread) has been great...

 

[mbkintner]

And that's 23.5k total (Roth and traditional), correct? That's the way I read it.

If you mean a max of 23.5 either all in one or in total between the two....then yes.

 

[Destro]

Wife & I do 100% pre-tax. If we did Roth, we would have less to contribute and lose out on the compound power. I figure Roth would cost wife & I about $300k in missed earnings. Probably a gamble I know. 80% US index funds, 15% Foreign, 4% bonds, 1% cash for me, 100% S&P 500 for the wife.

You don't need an advisor. All they do is ask you questions, put it in a computer program, and give you an answer. Plenty of good books. Jack Bogle, Peter Lynch. None of this is rocket science. Don't be afraid. If you already spend less than you make, probably stay away from Ramsey.

 

[BE Mike]

Having become debt free long ago, it really helped us ride out the last few years of super inflation. It gives us and our kids peace of mind.