{ "media_type": "text", "post_content": "I’m new to investing and putting money aside for retirement. I started putting money into my 401k for the past 2 years (though I may need to increase the amount since it’s half the IRS limit). I looked into a Roth IRA but I don’t qualify- where else can I put my money? I have emergency funds already covered. Thanks.", "post_id": "5f00f4f083ba0c001c1aff79", "reply_count": 10, "vote_count": 1, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting" }

I’m new to investing and putting money aside for retirement. I started putting money into my 401k for the past 2 years (though I may need to increase the amount since it’s half the IRS limit). I looked into a Roth IRA but I don’t qualify- where else can I put my money? I have emergency funds already covered. Thanks.

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Look into a backdoor Roth IRA

likehelpful

All in MSFT

funny

Max out your 401k for starters and get the free matching $s from your employer.

likesmart

You do qualify for a Roth IRA. Do a backdoor, and then even a mega backdoor

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Just max out the 401 then. The backdoor conversions will hit you with taxes and isn't worth it imo.

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Alright thanks everyone- I’ll look into a backdoor Roth for now. Appreciate the advice.

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If you do the backdoor Roth, you have 11 days to make the $6k for 2019 and can immediately put another $6k in for 2020, so that's $12k out of the 100 you have sitting in cash.

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