Should I Pay Off My Car Loan or Contribute to My IRA? I recently purchased a car with a trade-in, leaving me with a total car loan of $16,358 at 6.2% interest, with a total finance charge of $2,204 over the loan term. However, if I pay off the remaining balance now, I would only need to pay $14,154, avoiding the extra interest. I have the ability to pay the full $14,154 immediately, but I’m conside…

Financial Advisor saying to only contribute to Roth 401k for next 9 years before retirement I have about 1 million in a regular 401k. No roth of any kind. She thinks I should hedge in case tax rates go up in retirement. Most likely in will be in the same tax bracket or lower at todays tax rates. submitted by /u/BodSmith54321

What is the best way for my self employed wife to contribute to retirement? My wife is starting a new job as a hair stylist, and she will be considered self employed. We are currently looking to start a retirement account for her. What is the best way to go about this? I am aware that she can setup a Roth IRA, and I originally thought that would be the best idea. I also had the thought of me just contributing double to …

How much can I contribute to a Roth IRA if my gross pay last year was $25K where $22K went directly to a Roth 401K? Does this mean I can only contribute to a Roth IRA 2024 for a max of $3k? (Let’s say I have extra money in my savings account from the past few years that’s been sitting there that I could contribute to to a Roth IRA.) submitted by /u/siargaowaves

Contribute over match or go taxable for non-U.S. citizen? I’m 30, non-U.S. citizen residing in the U.S. on working visa. I do have emergency fund savings but have 0$ for retirement. I started maxing my HSA contribution and thinking about starting my 401k this year. The company contributes 4% for my 5%, but considers me Highly Compensated Employee (HCE) and limits match to $4000 annually. The match ves…

Does it make sense to contribute to Roth IRA if you have multiple cancers? I’m 52 male. No family. I have enough nest eggs to afford $8,000 a year Roth contribution for 2024, and then whatever is allowed by IRS for 2025 and so forth. I have colon cancer and lung cancer. I seem asymptomatic to date, and doctors don’t know for sure what stage my cancers. If I contribute to Roth, can I withdraw 1) principal and/or 2) inte…

Should I contribute to my Roth IRA I currently have a Roth account with Schwab as last year I was able to contribute a small amount (1k?) but this year I’m over the income limit. I heard about the backdoor Roth IRA recently but I’m not sure if it’s something I can do myself or it has to be offered by my company. I’m also not certain if it’s worth doing. I’m 26 with around 300k sa…

Good idea to contribute to a Roth IRA when close to retirement? Parents will retire in about 2 years. They have a 401k and savings account, but have not contributed to a Roth IRA. I’m assuming it would be much better for them to put $7K from the post tax savings money (quite sizable) into Roth IRA every year before they retire? submitted by /u/jcore294

Should I contribute less to 401k because I want to purchase a house? I max out my 401k account through work, They give me both a pre tax and post tax account. I put 5% in my pre tax account because my company matches, and my paycheck deducts the rest and goes into the post tax account. Would it be dumb to stop contributing to my post tax account and put it into my fidelity account? I would put my money into savi…

Should I contribute to my 401k if my employer doesn’t do matching? I’ve never started a 401k because I’ve only had short term contract jobs that didn’t offer any benefits. Now I have a full time job with benefits, except the company doesn’t do 401k matching; the cool part is that they do HSA matching, for what’s worth. I have my own Roth IRA, so my question is if I should also contribute to my 401k just in case…

The Best Time of Year to Contribute to Your IRA Is Now The sooner you get your money into the account, the sooner it can start growing tax-deferred.

NJ HSA, still contribute or no? I’m a recent college graduate planning to enroll in my employer’s health insurance plan. Company contributes $500 regardless, should i contribute to HSA even though in NJ, the triple tax advantages aren’t there? Lets say i have already contributed enough to match 401k and reached yearly contribution limit for ROTH IRA. submitted by /u/A…

can i contribute 7k to my roth IRA right now on 12/31? i didn’t know this was separate from a traditional pre-tax 401k 🙁 and that you could use it for downpayemtn on a house is it too late to contribute for 2024? submitted by /u/Wonderful-Job-8621

roth 401 K for work and personal 401 – I am confused if I can contribute to bothy? As above, I am under the impression I can only contribute the max to my 401(K) at my work (I am 55 and its 31k-ish). Can I also contribute more to my personal 401 Roth? What is the total max per year I can contribute? Please ELI5. Thank you! submitted by /u/Sgt_carbonero

Can I contribute to my Roth IRA on January 1st, 2025 if my first paycheck of the year won’t come until after that? I get that we can only contribute earned income, but I want to start dollar cost averaging on the first of every month. However I technically won’t have any earned income for the year on January 1st. submitted by /u/ImportantDesk

Can I contribute to Roth IRA in 2025 Roth 2025 Income limit is 165k. My salary is 171k. If I max out my 401k at 23.5k next year, am I under the threshold? I know its MAGI used for the roth limit determination? submitted by /u/No_Wrap_2694

Contribute to 401(k) while paying off credit card debt with no employer match? Hey everyone. I’ve seen that the general opinion is to always contribute to 401k while paying off credit card debt to at least get the employer match, but what about if there is no match. This new company I am working for doesn’t match until year 2. I have about $5k in credit card debt that I have a plan to attack and be done with by the middle …

How much should I contribute to my 401k through my employer if the match isn’t great? Hi all. I’m working a contract gig, and the employer 401k match isn’t great. I just started saving for retirement (I’m 28) so l’m not well versed in what to do and can use some advice. Here’s what they offer: “You will be eligible for the company match of 50% of the first 1% and an additional 25% of the next 5% you contribute. The maximum match …

How much to contribute to my 401k I’m a recent graduate and started my first corporate job this week and they offer a 401k plan, but I have no idea how much to contribute to it. My salary is $57.6k and I get an extra $300 a week back for mileage and tolls. I heard that 10% is a good percentage for retirement (I’m 23), and my company matches $.50 per $1 after a year of being at t…

Parent doesn’t want to contribute to 401k with company match Parent who has 10 years left until retirement age has no 401k. Company just recently offered a safe harbor 401k plan where they match 100% of the first 3% of compensation she contributes and 50% of the next 2%. I’m telling her to contribute at least to get the company match, but she is scared having money in her 401k and withdrawal later in the …