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  1. #31
    Registered User muscle beast's Avatar
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    Originally Posted by W1LLW View Post
    What’s the best vehicle if you make more than the limit? Roth IRA (as a single person) allows a max income of $130k or something like that. What if you make $180k? Where should you put your money retirement wise
    Originally Posted by Lefticle View Post
    Idk I'd need to talk to my financial manager. It's the first year I've ever had to worry about this. You can always put it in a traditional IRA which lowers your taxable income, but you don't get the tax-free growth.
    Look up "backdoor roth IRA". It's specifically for people making greater than the limit allowed for a regular roth ira
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  2. #32
    Transracial gigaTyrone elterrible987's Avatar
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    Originally Posted by W1LLW View Post
    What’s the best vehicle if you make more than the limit? Roth IRA (as a single person) allows a max income of $130k or something like that. What if you make $180k? Where should you put your money retirement wise

    Theres no income limit on roth 401k's so you can still max one out if thats an option.
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  3. #33
    Banned KramericaInd's Avatar
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    dont you need to be 65 to cash out from these accounts? thats too late for retirement.
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  4. #34
    Registered User thatsnarf's Avatar
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    Originally Posted by KramericaInd View Post
    dont you need to be 65 to cash out from these accounts? thats too late for retirement.
    No you don't. You can borrow from it. Or, pull out and just pay penalty.

    Also, finally broke 30%......one is at 32% CRAZY
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  5. #35
    Gunga Galunga banjoman23's Avatar
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    Originally Posted by Lefticle View Post
    Just maxed out my Roth IRA too. I'm a little worried I might have to withdraw it if our household income is above $200,000 this year though. It's gonna be close.
    Married-filing-jointly Roth IRA contribution phaseout window starts at 193K and ends at 203K for 2019. So if you're "close" to 200K you already might be above the $193K threshold where if you maxed it out you've goofed. I had this happen once and it was somewhat of a pain to fix.

    Moving forward, just do a backdoor Roth each year, regardless of expected income, just to be safe.
    Log: http://forum.bodybuilding.com/showthread.php?t=169283793
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  6. #36
    Registered User mck2349's Avatar
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    that.s insane.
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  7. #37
    Registered User thatsnarf's Avatar
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    We at

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  8. #38
    Registered User xpin2winx's Avatar
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    taking money out of my emergency fund to max out my Roth IRA. Maxing out my tsp accounts this year. Throwing money into taxable brokerage account. Trump 2020
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