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Additional Posts in Personal Investment Chatter
Does Bank of America do a Mega Back door 401K?
New to Fishbowl?
unlock all discussions on Fishbowl.
Look up back door roth ira
Open a Roth brokerage and buy whatever you want that doesn’t violate stupid ass independence BS.
Back door Roth as SC1 said.
Start thinking about how to max your retirement accounts:
1. 6-9 months expenses in cash
2. Max 401k
3. Max IRA
4. Max HSA
5. Surplus to brokerage
But I can no longer contribute because I’m now above salary threshold.
Do it just move it to the CORE investment, take the 500 loss, and it just sits there? Sorry, very new to investments
You can transfer your Roth IRA to another Roth IRA fund at a different brokerage that complies with independence.
As for continuing contributions, google Backdoor Roth IRA (assuming you do not have an excessive balance in any Traditional IRA)
To build on K1, at PwC we also have the option to Mega backdoor post-tax 401k contributions to a Roth IRA via in service distribution to your Roth IRA for some serious tax-free growth.
I am following the below approach
1. Max 401k (up to PwC Match)
2. Max Roth IRA (via backdoor)
3a. Max 401k (up to 19k pre-tax limit)
3b. Max HSA (more tax benefits)
4a. Max Total Contribution Limit with Post Tax dollars for Mega Backdoor to Roth IRA (Total Contribution = $56k = Employer Contributions + Employee Contribution (pre and post tax))
4b. Surplus to Taxable Brokerage
With my income, I’m to 4a with Total ~$25k of $56k, and 4b at $800/month to taxable brokerage