Can you open a new Roth IRA account if you are over the income limit but not contributing new money into it? Hi, probably a stupid question, so we are over the income limit, but I was trying to move one of my existing Roth IRA to another brokerage via ACATS. I accidentally opened the new Roth IRA at the new brokerage already before looking more into the process. And then I decided not to move the account over. Just wondering if this is allowed (openin…

Contributing entire paycheck to retirement to catch up? Wondering if the sub can advise on this plan to transfer funds from savings to retirement accounts: Basic info: 34 yrs, no debt. Got a new job as of the previous year, earning 72k. Due to a variety of reasons, did not really know about all available financial instruments before, so have just been keeping money in savings. Have about 100k saved u…

Can employer prevent you from contributing income from tips to your 401k? My employer recently updated our 401k plan & I just discovered that they are not allowing me to contribute income I receive from my tips into the plan anymore. (I’m in hospitality and the majority of my income (~70%) is tipped based.) If I’m now only allowed to contribute my hourly pay (even if I put ALL of the money I make hourly), I will still…

LPT – Refrain from participating in gossip or spreading rumors. Taking responsibility means not contributing to negativity submitted by /u/EngineMain199

Contributing to multiple retirement accounts vs maximizing contributions to one I’m a 27 year old government employee. I contribute 4.5% of my gross income to a pension plan (defined benefit, guaranteed lifetime payments from 63 to death assuming I’m fully vested) and 7% to a 401k in a target date fund. No employer match, unfortunately. If I leave government work before 10 years, I can get my pension contributions refunded …

If you’re contributing to retirement accounts you are not living “paycheck to paycheck” Was talking to a guy who said he lives “paycheck to paycheck” and later revealed he maxes his Roth IRA and his employer match on his 401k. I’m sorry but that does not count as “paycheck to paycheck”. Just because you have every dollar allocated out of your bank account at the end of the pay period doesn’t mean you’re PC2PC if half of that alloca…

Scorching Heat Is Contributing to Migrant Deaths Amid a relentless heat wave, some migrants are succumbing to heat exhaustion. More than 500 people have died of various causes this year while trying to cross from Mexico.

Previous Employer is still contributing to the 401k that was set up I left the job at the end of the year (Dec 29th) and have been getting quarterly statements from the wealth management group that is managing the 401ks. Contributions are still being made as if I worked there. Obviously the moral thing to do would be to tell them and have this stopped. When I do this, will they be able to take the money back or …

Is it worth it to stop contributing to 401k to pay off CC debt? Long story short my wife switched jobs at a significant pay. We kept spending like we were making the same money and racked up 15k in credit card debt. We are currently working on a budget that reflects are current income to keep spending down. Would it be worth pulling the 200$ from the money I put into my 401ks to pay this down quicker or is t…

How can my employer be contributing 3X as much as I do to 401K? As the title says, how is this possible? My current 401K contributions show: Employee Contributions: $5,705.27 Employer Contributions: $15,049.28 Employee Pre-Tax 6% Employer Matches up to 6% Nonelective 3% It goes back many years. I have asked the 401K management company, the generic CS agent did not know and didn’t offer any additional help op…

If you buy a home with a 7-8% interest rate, doesn’t it make more sense to stop contributing to retirement to pay it off? I ask this because the idea has always been that with 2-5% interest rates, it makes more sense to invest remaining money instead of paying it off due to the market longterm beating your interest rate. with interest rates going up and our market seeing the tail end of many benefits it has had (like economy growth through women entering the work …