HSA & HDHP Contributions I’m going over my benefits through my work. I get paid twice a month. I’m currently putting ~ $60 a paycheck towards my high deductible health plan (HDHP) and ~ $160 a paycheck towards my health savings account (HSA). My employer also contributes $500 a year towards my HSA. Before, I wasn’t putting anything towards my HSA because I was in …

Does it make sense to slow down my retirement contributions? Before you get out the pitch forks, hear me out! Stats: 32(F) Annual income: ~230k, fluctuating between 220-240 depending on stocks 401k balance: 525k HSA: 30k Taxable investments: 43k Cash: 125k (this is a bit high, but I’m about to purchase a new car and pay for a wedding) The past several years I’ve been putting a minimum of the trad 401k c…

Did I misunderstand the “catch up” contributions for over-50s Hello, I am wondering whether I made a big mistake with a catch-up contribution last year. I used the backdoor method to fund my Roth IRA last year (2023) and instead of $6,500, I funded $8,500. It was a new account with Fidelity last year. My logic was that those over 50 could fund $7,500 AND up to another $1,000 “catch-up”. But after double…

Just learned employer stopped taking contributions from my check for 401k I just checked my 401k after several years and just now noticed my employer stopped taking contributions from my check without my ask to do so. My statements show I’ve been contributing 5% each pay period from November 2021 (my earliest available time to enroll and with a 5% match) and then the contributions just stop March 2022. Is there a rea…

Taxed twice on Roth contributions I recently withdrew $3700 from my roth IRA- all contribution money, no earnings, so should not have been subject to tax. My tax withdrawal settings were automatically set at 15% (10% federal, 5% state) and I forgot to manually enter 0% when I went to make the withdrawal. $555 ended up being withheld, so my contributions were essentially taxed tw…

Roth IRA contributions for kids I’m planning on opening a custodial Roth for my kids when they start working next year. My question is, is the amount that can be contributed based on gross or net income? Example: he makes $3000, but after tax take home is $2500. Can $3000 or $2500 be contributed? Thanks. submitted by /u/i3bpvh

Post-Tax contributions to Traditional IRA for high earners doesn’t make sense? If I understand correctly, with a traditional IRA, you can only contribute pre-tax money if you are below a certain income level. But if you are above that, there seems to be no benefit at all to contributing post-tax money to a traditional IRA, since you will still be taxed on the gains when you do withdraw. Is that correct? I know about the b…

You CAN withdraw Roth contributions at any time with no fees or penalties You CAN withdraw Roth contributions at any time with no fees or penalties I see a lot of people on here saying you can’t. This is common knowledge. That’s one of the advantages of a Roth. It should be a last resort, but it is an option. Edit. I’m referring to a Roth IRA submitted by /u/highbackpacker

Correcting Roth IRA contributions, over the income limits I am in a new role this year that is commission based and after the first half of the year I will likely be over the Roth IRA income limits. I contributed $7000 to my wife and my Roth IRAs earlier this year already, not thinking we’d be close to the income limits (this will be the first time our HHI is at this level). Should I withdrawal my con…

Roth vs 401 k with no match/contributions I’m 26 and have about 30k in a Roth and 10k in a 401k. My net worth of all assets outside of retirement is about 200k. I’ve worked hard and I manage a lot of my own finances. My company does not match my 401k so I mostly max my Roth out every. This year I’ve already saved about 10k but I’m trying to buy a house so imo I’d like to stop contributi…

I always put a little extra in my Roth. If I need some money I can withdraw it fine as long as I don’t go over my contributions right? I always put a little extra in my Roth. If I need some money I can withdraw it fine as long as I don’t go over my contributions right? submitted by /u/highbackpacker

Democratic Donors Froze Pro-Biden Contributions Also, a look at Donald Trump’s V.P. contenders. Here’s the latest at the end of Friday.

Should I lower my retirement contributions? My work is lowering their match from 200% of 5% to 100% of 3%. I am currently giving 10% and my employer was giving another 10%. But it just changed to 3%. I’m 46f and widowed. I think I can lower my contribution to 3% just to get the match because I think I’m doing good in retirement savings. I inherited my husbands accounts last year when he p…

How much is too much? Retirement contributions as a government employee. I have access to an unusually high limit for retirement contributions as a government employee. I’m debating putting extra money into retirement above my current contribution level. I’d appreciate any advice or considerations when allocating my funds. 32 years old and currently unmarried / childless. Renting but would like to own a home in the …

Is there a point to contributing to an IRA if you’re over the income limit to deduct contributions from taxes? I’m maxing my 401k and am over the Roth incoming limit. I just started researching IRAs and understand that you can contribute $7,000 to them on top of the $23,000 you can for a 401k. But if I’m over the income limit to which you can deduct IRA contributions, is there a point to establishing one over just contributing to a general taxable invest…

Got a new HSA that’s at HSAbank, can i put my own contributions in my old fidelity HSA? I have an old HSA at Fidelity. My new job just created a new HSA at HSABank and I have to keep that open because they will contribute monthly to that. I’m intending to use it as an investment vehicle. I was thinking I would contribute the rest, to the max directly into the Fidelity one just by transferring from my checking. That’s cool right? …

Target Date minimums & contributions. Started a Roth for my daughter who is 21. Opened with Vanguard. She contributes $200 per month. Wanted to get her into Target Date, but the minimum buy is $1k for vanguard. (I can’t remember the year, but I think 2065) Anyways, obviously she didn’t have enough to start. So we let it accumulate in the settlement account until she could. Then bo…

Employer does not match 401k contributions, what are my other options to save for retirement? Some background info, I am 26 and have $17,000 in a Roth IRA. I plan to max it out as much as possible. My employer only offers a pension for employees who work there for longer than 10 years. I am enrolled in a hybrid plan where I contribute 4% to the 401k plus another 4% to the pension plan. I don’t even know what funds they are being put into…

Not eligible for 2024 Roth IRA Contributions due to increase in income, but I already made contributions. Want to do backdoor. I had a job change and an increase in income that will make me ineligible for direct Roth IRA contributions in 2024. I have already contributed a couple thousand to my Vanguard Roth IRA in 2024, into three different Vanguard mutual index funds. I would like to take advantage of the backdoor Roth IRA this year (will be my first time doing so). I …

Thoughts on using Roth IRA *contributions* to help fund home downpayment? Could this be considered a solid move with interest rates being as high as they are if you already have solid retirement savings? Late 20s with ~270k in retirement savings. Of this, 113k is on Roth IRAs and 74k of that is contributions (which can be withdrawn tax and penalty free at any time). Current home has around 70k in equity and we have a …