Should I contribute to a taxable brokerage account if I currently can’t max my 401k annually? I am 24 years old, 56K gross salary and have maxed my Roth IRA the past two years, (65 FZROX / 35 FZILX ) I contribute 10% to my 401K in a 2065 target date fund through Fidelity. Not carrying CC or other debts besides 17K in student loans under 5% interest, don’t have to start paying until sometime next year after graduating. Roth IRA ≈ 13K 401…

Do I do max contributions with debt? New job, 20k debt, 401k Roth Im not sure how to budget with my new job. Im paid 80k a year. My rent in LA is $1400 for a small 3 bedroom townhouse (owner has some govt job living somewhere else so its a sweet deal). I have 5 kids. My wife doesnt work. I pay about $2900 on other expenses (food, gas, insurance, etc). My take home is $5000 a month. But i have about 20k in cre…

Penalty from switching funds from Traditional 401k to Roth 401k? I just realize that I have a good chunk of money tied up in a traditional 401(k) that I thought was in a Roth 401(k), is there a way to make the conversion without triggering multiple taxes? submitted by /u/ABrooksBrother

Will employer cap 401k contributions at the IRS limit? I set a percentage of my pay towards 401k, not a specific dollar amount. Pay, and therefore 401k contribution varies slightly month to month. Do I need to track this to ensure I don’t go over the IRS limit, or do employers typically do this? Company is based in NY, USA, and employs about 10k people. submitted by /u/_LouSandwich_ …

Principal 401k plan has no index funds with fees lower than 1% … I am a business owner and we have Principal as our 401k provider. So, to be clear, I am the “plan sponsor” – I am in charge of the 401k plan and the investment options in it. We also do NOT have an advisor on the account – there are no commissions or fees being paid to any third parties. So I am reworking our menu of investment options and there…

401k loan to pay off Payday loan? TLDR; I have dug myself into a hole with $1600.00 in payday loans and want to use a 401k loan to keep myself from drowning in payday loan debt. The title screams “financially irresponsible” and you would be right. Finances have been a large struggle of mine for years but I am done living this life and I am determined to make a change. My car en…

I have no idea where my 401k is! I know how stupid this question is going to sound. But it’s causing me so much anxiety. I’ve had two jobs in the past where I have put money into a 401k. When I changed jobs, the money (I presume) stayed put, as they did not send me a check. However, these jobs are from several years ago and the email I used to set everything up is no longer a…

Should I roll over my Fidelity 401K to my new employer’s vanguard 401K because it has total stock market funds with vanguard? In my fidelity I was making a “manual” world market approach with large, mid, and small cap weights. I have about 80K in my fidelity 401K, should I roll it to Vanguard so I can keep things easy by just investing in the VTSAX fund? submitted by /u/Jeeperscrow123

I’m bad at math, and I need help to see what I’m missing with 401k contributions. Let’s say we are 33 and have a total of 300k in a Roth 401k. If we stopped today, then we would have 1.8 million if we retire at 60 w/ 7% return. If the markets roughly increase at the same rate throughout retirement, then isn’t this okay? I’d rather pivot to real estate, normal markets, or something else and keep the 401k as a backup, but every…

Would it be best to save in fidelity ROTH IRA instead of my organization 401k? Hello! I am 26 and am looking to start saving for retirement. From the little that I understand from my employee they match our savings. My HR is only one person and he sucks at explaining things/helping and I do not plan on staying here for that long. I was wondering if it would be best to start saving with fidelity with a ROTH IRA. My estimate…

Personal Loan vs 401k withdrawal I think I need some help determining the best option here. I have 90k in credit card debt I am looking to clean up. Yes, I know. Most of that came from a combination of helping family through the covid years and some absolutely needed household repairs. I’ve also been contributing the max to my 401k to offset taxes but being that aggressive cert…

Is my planned 401k considered aggressive for a young person? First-time investor here and I (early 20s) need some help deciding my allocation of funds in my 401k. My company does not offer the popular plans/funds but I should have enough to be more aggressive than a TDF. I am not sure how this compares to the Vanguard funds like the VOO or VTI. So I am planning: 60% – State Street S&P 500 index fund (Lar…

How much should I contribute to my 401k? Salary is $235k. Employer matches $1 for $1 up to 50% of the IRS deferral limit. How can I take advantage of this matching and save the most without overcontributing? Currently have my Fidelity set to 12%. submitted by /u/n0epiphany

Details on tax when rolling over 401k to traditional IRA while not employed I have been laid off over a month ago and have 48k in my traditional 401k plan. It’s a shit plan with no choices and over 1% expense fees. Now i am unemployed and will start a 5 year college while I do some part time low-key sidehustle, which will not pay benefits. My wife earns over 100k and pays into her 401k. We file jointly. 1: Can i roll ov…

Using 401k to become debt free so I can invest? I have aprox 14k in credit card debt from hard times in my 20s etc. I’m considering taking a huge chunk out of my 401k to pay this off. I have gotten much better with my finances and am now financially secure enough not to use my credit cards anymore and have done a loan/ balance transfer to minimize interest best I can. I can currently afford m…

Are there any pitfalls in rolling an IRA back to a 401k to “make room” for backdoor Roth IRA conversions? Here’s our current situation: My wife and I are income-ineligible for Roth IRA contributions We’d like to boost our Roth IRA holdings to give us a little more tax flexibility later in life My wife and I each have traditional IRAs that are a combination of 401k rollover and after tax, non-deductible cash contributions. The value of each of our …

Should I max my 401k? I just received a job offer for 105k and I will be starting in January. I am currently figuring out what my budget would look like and I am not sure if I should max my 401k or decrease my contributions to build my emergency fund/house down payment for the next year. If i max the 401k my after tax income will be $5k/month and there is a 4% match….

Brother died in April. Beneficiary never got notification from his 401k company. Hello. I am not sure this is the proper place for this question but I can’t get a straight answer. My little brother died unexpectedly this past April. No one knew who his 401k beneficiary was. My father had to follow up with his employer to find who their 401k company was—-then he contacted them (months ago). Still no one contacted anyone. Toda…

withdrew/closed two 401k accounts, paid estimated fed and state taxes, now owe $90k? (posting for a friend) the total withdrawal from the 401ks (coded: due to death) was $729,000. out of that, $149,000 was taken for federal taxes and $85,409 was taken for massachusetts state tax in january of 2022. the remainder was used to purchase a home in february of 2022. doing taxes now, it is showing ~$90k is owed as the $729,000 was taxa…

Withdraw 401k to get me up float until I get my license? So I worked at a job for 2 years and I quit to go to cdl school. I’m in my second week and it’s looking like I’ll be done in 2-3 weeks.The school is only 4-6 weeks and I’ll get my Cdl license and will be making $60k + a year but my saving is running low and I have $5k saved in my 401k . Should I withdraw or get a loan? submitted by /u/Fin…