Roth IRA or 403B, which is more important? Hi, I am a person under 30y/o who makes about $150k/yr. I work with a lot of older individuals who are telling me different things in regard to which account I should focus on more. Could anyone explain the difference between Roth IRA and 403B like I’m 5. I am currently contributing 15% of every paycheck towards the 403B and nothing towards the …

Retirement Contributions – 401k or Roth IRA? What should the split of my contributions to 401k / Roth? Background, I’m mid-40’s, no retirement savings until 37. Just over $100k salary. Now, I’m up to $135k in 401k and $35k in misc . stocks. Employer matches up to 5% of my contributions, which, by default, are in a standard 401k. My % contribution goes up 1% every year automatically and is …

Backdoor Roth IRA advise I am over the income limit for IRA contribution. I have a 401k and no IRA. Wife has 410k and 401k rolled over to IRA from previous employer. I am 51 years old. Does it make sense for me to open a backdoor Roth IRA now? I saw that for 2024 I have time till April to do this. Is this a straight forward this to do .. contribute to IRA and immediatel…

60-day “loan” from an IRA: how does it work? I have read that it’s possible to withdraw funds from a traditional IRA without tax or penalty, as long as the funds are replaced within 60 days. IRS Website I have an unexpected short-term expense coming up, and I would like to use the funds in my IRA. I will be able to replace the funds into the same account within 60 days. It’s a Vanguard acc…

Want to get my 18 year old started with a Roth IRA My daughter works and is in school with no debt and a few thousand in savings. I’d like to get her going with a Roth IRA, but she wasn’t interested in using my financial planner, which is fine. If we setup a fidelity or vanguard account, what do you recommend for a fund? Target fund, S&P, etc? Thanks everyone, this sub has been great. subm…

How to cancel a vanguard IRA contribution? I just now (around 9:15PM ET) contributed to my 2025 traditional IRA account for an external bank account, but I accidentally used the wrong bank, and that bank doesn’t have the funds ($7K) to make this transaction happen. I can’t figure out a way to cancel the transaction, and was wondering if anyone here knows? I tried calling Vanguard but the…

529 to Roth IRA if 529 isn’t 15 years old? From what I understand, I can do a rollover of up to $35,000 from my 529 to my Roth IRA if the account is 15 years old, or older. Unfortunately, the administrator of my 529 is saying the account was created in 2021, even though I know it was created when I was a kid 20+ years ago. My questions are: 1.) If I’m not eligible for a rollover, is ther…

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

I messed up my Roth IRA My husband and I usually do a backdoor Roth contribution. The other day I contributed $3000 directly to my Roth IRA and realized my mistake too late. The amount was never invested. I withdrew l that cash $3000 about 2 days later. Unfortunately, my Roth IRA says I can only contribute $4000 to it now . It still shows as me having contributed $300…

Is it smart to have a Traditional IRA and a Roth IRA? I just got out of college and I am new to investing and I am wondering if I should have both a traditional and a Roth IRA or just get a Roth IRA what do you think? submitted by /u/InquisitiveR3dditor

How much taxes would I have to pay to transfer from Traditional IRA to ROTH IRA I have 2 IRA’s. A traditional taxable IRA and a ROTH IRA. I would like to move my money from my traditional to my ROTH then close the traditional account so I can benefit from the ROTH IRA. They are both in the same institution so it should be easy to transfer. The traditional IRA has less than 1000 dollars in it. The ROTH IRA has about 7500 (no…

Excess 529 to rollover IRA My father-in-law has opened a 529 college fund for my son. I know any excess funds can be rolled over into an IRA, but my question is for who? My FIL will unfortunately likely pass away before my son is college age, and there will also likely be excess funds in it. So would the rollover IRA be in my (or my husband’s) name, or my sons? subm…

I normally do a backdoor Roth IRA, but this year I accidentally put pre-tax dollars from a former 401(k) into my IRA account. What should I do? Each year, I perform a backdoor Roth conversion (contribute to a traditional IRA then immediately convert the next day to a Roth IRA). This year I messed up. I had ~3.5K pre-tax dollars in a 401(k) account from a former employer that I worked at briefly. They closed my 401(k) account because the balance was so low. In a rush, I just put that mon…

Can someone explain 529 to Roth IRA conversion? My 529 plan allows funds for the beneficiary to be rolled over into a Roth IRA. Question: does this mean that if my kid gets enough funds for college that they don’t need it all, I can fund their retirement? Isn’t that strange for a 21-24 year old to have a retirement fund? Am I misunderstanding what a Roth IRA is? Here are some details; “The R…

Transferring from traditional IRA to Roth IRA So I asked about this as some point and I was told that if i transfer my money in my traditional IRA to a new Roth IRA that it’ll be taxed. But I just read online that if you transfer the money into a new Roth IRA within 60 days of receiving the check then there are no taxes or penalties. Has anyone done this? This is my first retirement accoun…

Student loan payoff vs Roth IRA contribution I keep going back and forth over what to do here and could use some advice. I have $4,200 in student loans at a 3.15% rate. I got a bonus and am trying to decide if I should pay off this balance, or open a Roth IRA and contribute the $7k max for 2024. I am 31 years old and don’t have a Roth IRA yet. I do have a Roth 401k and currently contribute…

is it worth putting money into a Roth IRA if I am trying to move out of America in the future? hello, I am a 20 year old college student. i would like to start a Roth IRA but eventually, I would like to move out of America to Europe or the UK. I do not have a rock solid plan for moving yet but I know I am wasting time not putting money into a roth. I don’t know if the money just goes away if I move countries or if I become a citizen of an…

My uncle is 58. Does it make sense for him to open a Roth IRA if he expects to work for at least 7 more years? Or is that too short and risky? Hello, My uncle is 58 and has never opened a Roth IRA. I was wondering if it would be a good idea to open a Roth IRA for him if he plans to work for 7-10 years. Is a 7-year period good enough or is it too short and thus risky? What’s the general consensus? All of his current savings right now are split between HYSA, checking, and cash. He had t…

lump sum or quarterly payments from Inherited IRA I inherited my mothers IRA when she passed in March, about $125,000. Current plan is to do quarterly withdrawals to cover auto and student loans per month, roughly $10k quarterly withdrawals, which per withdrawal calculators will last about 3.75 years. This will free up about $1,000 or so dollars a pay period, biweekly, of paychecks to put into …

Should I max out 401k and 457 and roth IRA every year? If I make around $100,000 a year, should I max out my 401k and 457 and roth IRA? I have a public job so there is a pension, and there is no match into the 401k or 457. If i don’t max, should I just invest in the stock market? submitted by /u/blueditUPson