34, with 130K across 2 investment accounts and a 401K with 190K.. but I do not have a Roth IRA, never opened one and now I don’t qualify. Have I screwed myself in the long run?

likehelpful
Posting as :
works at
You are currently posting as works at

Odds are you make too much to write off your Traditional IRA contributions also… so you can still do a Backdoor Roth IRA Conversion… and inside of your 401(k), you can max out contributions to the after tax or Roth portion, while your company does matching contributions into your traditional 401…

You’re 34… you have plenty of time to adjust and adapt…

like

No, you have not screwed yourself.

Do you have a traditional IRA either? If not, do backdoor Roth IRA.

like

Consider the backdoor Roth IRA, if eligible.

like

Not at all.

At 34, having roughly $320K invested across your brokerage accounts and 401(k) already puts you in a strong position compared to many people your age. While a Roth IRA is a valuable tool because of its tax-free growth, it's only one part of a long-term wealth-building strategy.

Many high-income earners who exceed the Roth income limits still build substantial wealth through 401(k)s, taxable brokerage accounts, and other investment vehicles. Depending on your situation, you may also want to look into strategies such as a Backdoor Roth IRA.

helpful

Related Posts

Wrist shot w/ sunset 🌄

Post Photo
like

Starting to restore old watches as a hobby (not for profit). Any suggestions where I can buy some pieces which need repair / service? I am still learning. So it doesn’t have to be fancy. I tried eBay and Chrono24 but didn’t have much luck. Feel free to recommend a local store in NYC.

like

Anyone willing to give a referral for Cox Automotive?

like

What are the employee benefits at mphasis ?
Could you please let me know
Are there free transport , 100% company sponsored medical health insurance for self, sponsored certifications, leaves etc ?

like

Which is the best consultancy or agents for Canada PR ?

like

Anyone here that can give insights into hours and wlb in Deloitte Consulting (finance and performance) in Dubai? Curious to hear honest answer on how much work is expected there.

like

Are you a Physician Liaison? PI Liaison? Medical Marketer?
💠What is your salary, bonus, & car allowance?

I work as a Physician Liaison for a 8 clinic practice. I work 2 territories( Northeast & Southwest Houston). I work 40-60 hrs a week- including mandatory after hour networking events.

Im paid 55k base salary + $1 per referral, I bring in. (Average 1,100 a month). $180 bi weekly car allowance.

How does this compare to your salary?

I really want to ask for a raise…should I?

Post Photo
like

Are any of you sleeping all the time? Like all the time? I wake up, get some coffee and then I have no idea what to do from there. I have no reason to be awake.

like

Tomorrow i quit.
Gg wp.

like

I want to become an art director with zero design skills. I’m going to have someone else comp everything up for me. The ideas might be solid. Who wants to hire me?

like

Hi All!
Anyone from the insurance industry based in Jakarta, Indonesia? Would be happy to connect/network over coffee

like
like

What will be a Consultant- Business Intelligence package in D USI Kolkata in Consulting domain??

like

How do those of you that struggle w/depression handle working at home? Going in to the office gives me a reason to get out of bed in the morning but I’m struggling today due to offices closed (snow)

likesmart

Wha t‘s the average bonus for director in transaction tax group?

like

I have received offer from Wipro which is little above than the offer that I am holding but fixed pay is less. Thinking of rejecting Wipro offer. Is it better to reject or accept and then not join. Also if I reject, will there be any issue like they won't consider me in future?Tata Consultancy Wipro Cognizant Infosys

like

Typical salary band for Consultant level for Risk & Advisory in HCOL? Got an offer for 90k + 10k signing so trying to see if this is high or just standard. 2 YOE, they mentioned promotion to SC in 6-8 months.

like

At which level of seniority is it acceptable to dress like this?

Post Photo
likefunny

If your employer mandated you need to come in 5 days a week would you consider quitting? My situation is I live in my geographical territory and the office is 45 minutes away. No performance issues at quota consistently.

like

Additional Posts in Personal Investment Chatter

So, I had put money into savings (~$40k) a few weeks back. I know timing the market isn’t good and stuff, but would it make sense to put some of that into an ETF now? The $40k isn’t part of my emergency fund or anything. I just didn’t know where to park the money.

like

What are things to know about buying and operating a laundromat?

likefunny

Are we headed for the long overdue crash/correction - red everywhere 👀

likefunny

Considering adding a REIT index to my lazy portfolio allocation for my 401K and Roth Accounts. Thoughts?

like

Not sure if this is the right bowl but hoping to get some insight. I have a lot of student debt, and am considering refinancing with First Republic bank to get a (marginally) lower interest rate. However, their version of refinancing student loans has changed in the last couple years so now they offer you a personal line of credit. Is it a bad idea to refinance with a line of credit vs a regular student loan refinancing?

like

Anyone invested with QQQM or QQQJ? Thinking about splitting a chunk between both.

like

Thoughts on Jumia stock?

like

I started a small LLC on the side. My company is getting it's first client this month.

Wondering if any 🐟 have recommended resources on setting up initial consulting business thru an LLC.

Books, websites, tax strategies etc.

My LLC is already incorporated, but looking for guidance with the next steps (creating contracts, invoices, etc)

likeuplifting

I’m looking for a new every day cash rewards credit card. Do you know of any that is better than 2.6% cash back? Trying to find something better than the Bank of America® Unlimited Cash Rewards Credit Card.

like

Will there be any tax implications from Venmo transactions in FY21 given the new fees they introduced earlier this year? Neither I nor any people I have transacted with this past year have noted that anything was for goods/services regardless if that was actually the case so am wondering if there will be any changes as to how things are accounted for or if any new forms are being issued.

like

GME and AMC are not doing well today 😂

like

Anyone having experience with opening a brokerage account for an organization (single member llc ideally)? I have a question regarding the set up.

like

I bought a house last year from a senior couple and was locked into a senior exemption on my property taxes for the rest of the year. I just received my property tax bill for the new year and I'm still locked into the senior exemption. Can I be penalized in the future if I don't say anything and just keep paying my property taxes as is? I feel like it's the village that screwed up and that's on them. Thoughts??

like

Dumb question but anyone know what’s going on with KO in 2021? End of 2020 had stock approaching $60/share but then it crashed below $50 in 2021.

likefunny

Can someone explain high yield savings accounts to me? Why doesn’t everyone use them? Should I switch banks so that my HYSA is the same as my checking account?

like

How do they verify your health status when getting life insurance online?

Post Photo
likefunny

How much do y'all try and put into the market each month? I e been doing about $5k and have leeway, is that too cautious?

like

How are you all determining the future cost of college and target levels of investment for 529 accounts? Having a hard time seeing how 100k for college in 15 years is realistic. Also don't know the right level of savings to target (50%? More?).

like

How do you choose 529 college plans. Currently in MD but will move to TX or GA in next couple of years. Any plans that avoids locking into specific state and allow to use funds for private or public colleges.

like

What are the best investment books or authors for beginners? What are the best podcasts, YouTube channels or bloggers to follow? What are your favorite stock trading platforms? And if you finally have six figures cash ready to invest, what's the best place to start? Which broker / financial advisor would you recommend? This is only for 3-5 years to ultimately buy a decent home for my family.

I'm clearly a dummy so any help is greatly appreciated.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal