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educate me 401-k

  1. #1251
    Backwoods lobster boy number9's Avatar
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    Re: educate me 401-k


    Quote Originally Posted by tsorfas View Post
    reading some more books and articles on the topic that seems to be the advice. Park in low cost index funds. dont move the money, dont try to time the market.


    do many here do BOTH 401K and Roth IRA or just stick to one?
    I do the Roth IRA up to the income limits. Then I max out my 401(k) to the maximum point of my employer's matching contributions. The rest I dump into Vanguard.

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  2. #1252
    Lifer tsorfas's Avatar
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    Re: educate me 401-k

    Y’all legends. I need to step up

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  3. #1253
    Lifer ZX-12R's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by tsorfas View Post
    do many here do BOTH 401K and Roth IRA or just stick to one?
    I max out my 401K as well as an IRA for both myself and my wife. The IRAs are non-deductible in my case and will be back-doored into a Roth at a later date.

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    "...i would seriously bite somebody right in the balls..." -bump909

  4. #1254
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by ZX-12R View Post
    I max out my 401K as well as an IRA for both myself and my wife. The IRAs are non-deductible in my case and will be back-doored into a Roth at a later date.
    What is your rationale behind waiting? Gains in the non-deductable IRA are taxed on conversion.

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  5. #1255
    Lifer ZX-12R's Avatar
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    Re: educate me 401-k

    We were contributing to Roths at first but we ran the risk of hitting income limits so we recharacterized them as traditional IRAs. The backdoor to a Roth was done in January for no reason other than reducing the clerical work on our 2018 taxes.

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    "...i would seriously bite somebody right in the balls..." -bump909

  6. #1256
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Interesting stuff : State taxes for FIRE (updated for 2018) : financialindependence

    Yo Ig: You still eying that vacation / retirement spot in rural TN? This seems to back that idea up.

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  7. #1257
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by nhbubba View Post
    Interesting stuff : State taxes for FIRE (updated for 2018) : financialindependence

    Yo Ig: You still eying that vacation / retirement spot in rural TN? This seems to back that idea up.
    I am.

    Not even restricting it to rural. Plenty of nice towns with downtown areas within walking distance of affordably priced nice homes.

    Rural is just cheaper.

    TN/NC/SC/etc are all on the table.

    More recent sooner-than-later thought is picking up a decent large-ish toy hauler glamper, a full size (as much as I hate to think about the fuel prices, they are still a consideration), and a piece of buildable land down there. Get power/water/sewer hookups put in, and use it as a summer vacation spot a few weeks a year. Eventually build the retirement home. I'm sure my mind will change 8x by the time I'll need to sign on the dotted line, but this could hit all the short and long term check boxes.

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    Last edited by TheIglu; Today at 11:36 AM.
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