Gifted 6500 for retirement As the title says I was just gifted $6500 with a request that it is put into a retirement account. I want to honor this request. My situation: – income level prevents Roth IRA contributions – did not make any trad IRA contribution in 2023 or 2024 – currently my trad IRA is empty – employer provides 401k – currently not maxing out 401k contribut…

Can you max our your Roth IRA contribution if you only earned $6500 during the year? I was just wondering if you were supposed to use the pre-tax amount or post-tax amount. Say you earned $6,500 but post tax it only comes out to $6,000. Can you contribute $6,500 to your Roth IRA or only $6,000? submitted by /u/dumbquestionssorry

Backdoor Roth with less than $6500? Would you consider a backdoor roth if you don’t have the max contribution amount saved? Decided to add more to our brokerage, so I have about $3500 that I’m considering putting into a backdoor roth. Thoughts? submitted by /u/_kcs

I have 6500 dollars in credit card debt that will begin accruing interest next month. Should I take out a personal loan to avoid such high interest? Hello, I am a 29 year old male in the US with a full time job. Due to a combination of increasing cost of living, unforeseen expenditures (usually in the form of vet bills for an elderly cat) and my own poor financial decisions I have 6500 in credit card debt on a card that will begin accruing interest next month. With credit card interest rates…

Completely new to personal finance.. I opened a Roth IRA on E*trade in April, put in $6500. What now? This may be really dumb.. but what now? I opened a Roth IRA, put in $6500 because I was told that was the max for the year. I plan on adding $6500 every year. 1) is that the right move? Or was I misguided? 2) so I put money into the Roth IRA.. do I just leave it there or do I have to do something with it? 3) any good resources/YouTube channels w…