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I think you are missing the idea of this thread, and being a little dramatic. 401ks & IRAs should be combined for the purpose of this...
When someone ask you how much you have in your 401k, they are essentially asking how much you have in retirement. To separate 401ks and IRAs is ridiculous.
really ? well that is not the question above was it ?
how many here actually combined their ira, 401k and taxable accounts since if you are holding long term investments in a taxable account they should not be treated any different than an ira ???????//
and why stop there ... if i bought a rental property with some of the money that should be counted too ..... so we are back to net worth ,.
really ? well that is not the question above was it ?
how many here actually combined their ira, 401k and taxable accounts since if you are holding long term investments in a taxable account they should not be treated any different than an ira ???????//
and why stop there ... if i bought a rental property with some of the money that should be counted too ..... so we are back to net worth ,.
I mean most IRAs are old rolled over 401ks, it's just the tax code/blanket around it. Obviously not counting property or taxable accounts, as you are proving my point of being dramatic...
I mean most IRAs are old rolled over 401ks, it's just the tax code/blanket around it. Obviously not counting property or taxable accounts, as you are proving my point of being dramatic...
Well how many here included their ira’s in the posted numbers ?
Doesn't the rollover IRA prevent you from doing backdoor Roth IRA contributions?
So, in April 2018 (about 2 years ago) i left my previous job and got a check for $337k as the balance of my 401k. I rolled that over into a new IRA account at Vanguard. In December 2018, I converted about $37k of that into a Roth IRA and paid taxes on the 37k last year. I've been lucky with investments and the account that had a $300k balance (un-taxed) is now worth $654k and the IRA account (the $37k which i paid the taxes on) has a balance of $69k; which is great cause the $32k gains since Dec 2018 is now tax free in retirement.
In addition to these, i have a 2 year old 401k with my current employer worth $59.5k and a separate Roth IRA that I contribute to annually worth about $102k.
Wife also has a Roth IRA worth $78k
I'm 31 and have about 84k in combined TSP, IRA and ROTH-IRA. For a while I wasn't maximizing my contributions as I was saving for an investment property. At this point the investment property is cash flowing nicely so I'm maximizing my TSP and contributing to the ROTH, but not any to the IRA. I'm thinking of rolling the IRA into the TSP because of the lower cost management fees.
What a difference a 8 years, some dedicated savings and a bull market can do:
I'm now 39
TSP: 458k
IRA: 0, rolled over into TSP
Roth: 49K
HSA: 8k
Brokerage: 61K
Other big changes are I got married and had 2 kids since that post above! Wife is a SAHM so we're doing it all on my income.
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